The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) recently met in Riyadh to strengthen cooperation in their financial services sectors. They discussed initiatives in areas such as financial infrastructure, open market operations, market connectivity, and sustainable development. A Memorandum of Understanding (MoU) was signed to facilitate joint discussions on financial innovation. The MoU aims to promote knowledge sharing on emerging trends, best practices, regulations, and policies in fintech. Both authorities also shared their experiences in research and innovation, focusing on supervision technologies, tokenization, and payment infrastructure. The visit of the HKMA delegation further enhanced discussions on monetary policy and sustainable finance. The Governor of SAMA emphasized the importance of collaboration for Saudi Arabia’s growing fintech sector, while the Chief Executive of HKMA highlighted the potential for cooperation between the two regions in various fields, including finance and fintech.
Resource:
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/07/20230727-7/