Saudi’s SAMA And Hong Kong’s HKMA strengthen financial collaboration

Saudi’s SAMA And Hong Kong’s HKMA strengthen financial collaboration

Riyadh: As part of enhancing bilateral relations with international counterparts, the Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayari received today at SAMA's headquarter in Riyadh the Chief Executive of Hong Kong Monetary Authority (HKMA), Eddie Yue, and his accompanying delegation.

The two sides discussed a number of initiatives to strengthen collaboration in several common areas, including financial infrastructure development, open market operations, monetary policy, and Fintech. Both parties shared their experiences in research, development and innovation, highlighting areas of development in supervisory technologies (Suptech), tokenization, and payment infrastructure.

To advance the agreed collaborative initiatives, a Memorandum of Understanding (MoU) was signed between the two authorities to facilitate the exchange of expertise and knowledge sharing in areas related to regulatory issues, laws and policies, and best practices in the field of financial innovation.

“Saudi Arabia's financial sector is growing remarkably and attracting new local and international investors who could bring added value, particularly in the Fintech industry.

This growth will contribute to the Kingdom's journey to be situated as a global Fintech hub and support the diversification of the Saudi economy." said Al-Sayari, Governor of SAMA.

Al-Sayari added “HKMA is an important partner for the Saudi Central Bank. Today's MoU will support our relationship