UAE Bank Signs $2 Trillion Deal with Hong Kong Fintech Firm
On May 16th, a relatively unknown fintech company from Hong Kong wrapped up an impressive tour of the Gulf region by securing a deal surpassing USD 2 trillion, surpassing its global competitors to clinch a contract with a bank in the UAE.
The Securities and Futures Commission, which oversees digital investment platforms for alternative assets, has teamed up with Zand Bank, recognized as the UAE’s first fully licensed digital bank. This partnership is expected to offer clients of Dubai-based banks new investment possibilities through advanced tokenization technology and infrastructure.
This partnership materialized due to the efforts of the company and the support from InvestHK. The success achieved here highlights the evolving role of investment promotion agencies. After spending 25 years focusing on attracting global investment into Hong Kong, InvestHK has shifted towards becoming a business development institution that utilizes the city’s unique position as a “super connector” and “super valuer” to foster business success.
“Our goal now is to assist them in taking the next step toward success,” remarked Alpha Lau Hai-Suen, the director of InvestHK. “When they establish themselves in Hong Kong, regardless of whether they’re coming from China, Asia, or beyond, we regard them as part of the Hong Kong business landscape, so we’ll support them.”
This strategic shift addresses the growing challenges businesses face today. InvestHK was established in 2000 with the aim of preserving foreign investment levels amid intensifying competition. A key moment occurred in 2001 when China joined the World Trade Organization, prompting various companies to leverage Hong Kong as a gateway to the mainland. Today, however, businesses seem increasingly interested in harnessing Hong Kong’s reliable systems and regulations to fuel their expansion.
Florian Spiegl, the founder of Evident, commended InvestHK for its pivotal role in forging the partnership with Zand Bank. He noted that this opportunity arose after InvestHK facilitated an informal meeting with Zand’s CEO, Michael Chan, which expedited the process.
