Saudi Central Bank (SAMA) and Hong Kong Monetary Authority (HKMA) come together in Riyadh to promote financial innovation and knowledge-sharing.
In an effort to strengthen bilateral ties and promote collaboration in the area of financial innovation, particularly fintech, the Saudi Central Bank (SAMA) received a delegation from the Hong Kong Monetary Authority (HKMA) in Riyadh.
During the conference, the two parties discussed a number of cooperative projects meant to strengthen ties in crucial sectors such the development of financial infrastructure, open market operations, monetary policy, and financial technology.
With a specific focus on supervisory technologies, tokenization, and payment infrastructure, both sides offered their knowledge and experiences in research, development, and innovation.
SAMA and HKMA agreed to support the exchange of knowledge and best practices in areas relating to regulatory concerns, regulations, policies, and financial innovation in order to formally express their commitment to reciprocal growth and knowledge-sharing.
The governor of SAMA, H.E. Ayman Al-Sayari, described the financial sector’s excellent expansion in Saudi Arabia, which has drawn foreign investment, particularly in fintech.
“”The financial industry in Saudi Arabia is expanding significantly and luring new domestic and foreign investors. This development will help the Kingdom on its path to becoming a significant global fintech centre and will boost the diversification of the Saudi economy. Al-Sayari said.
The Saudi Central Bank values its relationship with HKMA. The Memorandum of Understanding (MoU) signed today will strengthen our collaboration and help to focus efforts on strengthening the Fintech sector.
Eddie Yue, the chief executive of HKMA, emphasized the importance of the alliance and stated his optimism for future cooperation between the two organizations.
“The Kingdom of Saudi Arabia and Hong Kong have enormous potential for cooperation in a range of fields, including banking, green development, trade, and especially financial technology.
“The MoU will further strengthen reciprocal cooperation between SAMA and the HKMA through the sharing of knowledge and experience regarding regulatory concerns, policies, rules, and legislation, as well as the advancement of financial innovation. We are eager to collaborate with SAMA to boost financial market and investment connectivity between the Middle East and Asia.
This partnership paves the way for productive cooperation between Saudi Arabia and Hong Kong in the pursuit of common objectives and advancement in the financial sphere.