The Saudi Central Financial institution (SAMA) has hosted a delegation from the Hong Kong Financial Authority (HKMA) in Riyadh, in a bid to boost bilateral relations and foster cooperation within the realm of monetary innovation together with fintech.

Through the assembly, the 2 sides engaged in discussions surrounding varied collaborative initiatives geared toward bolstering ties in vital areas reminiscent of monetary infrastructure growth, open market operations, financial coverage, and monetary know-how,

Each events shared insights and experiences in analysis, growth, and innovation, with a specific concentrate on supervisory applied sciences, tokenisation and cost infrastructure.

To formalise their dedication to mutual development and knowledge-sharing, SAMA and HKMA agreed to facilitate the alternate of experience and greatest practices in issues associated to regulatory points, legal guidelines, insurance policies, and monetary innovation.

The partnership

H.E. Ayman Al-Sayari, governor of SAMA, outlined the spectacular development of Saudi Arabia’s monetary sector, which has attracted worldwide buyers, particularly in fintech.

““Saudi Arabia’s monetary sector is rising remarkably and attracting new native and worldwide buyers. This development will contribute to the Kingdom’s journey to be located as a world fintech hub and assist the diversification of the Saudi economic system.” stated Al-Sayari.

“HKMA is a vital associate for the Saudi Central Financial institution. Immediately’s memorandum of Understanding (MoU)will assist our relationship and contribute to the consolidation of efforts in growing Fintech business.

Highlighting the importance of the partnership, Eddie Yue, chief government of HKMA, expressed his optimism relating to the potential for collaboration between the 2 entities. .

“There’s enormous potential for collaboration between the Kingdom of Saudi Arabia and Hong Kong in areas spanning throughout economic system and commerce, inexperienced growth, finance, and notably in monetary know-how.

“The MoU will additional improve mutual cooperation between SAMA and the HKMA by way of the alternate of data and experience referring to regulatory points, insurance policies, legal guidelines and laws, in addition to the event of monetary innovation. We stay up for working with SAMA to advertise funding and monetary market connectivity between the Center East and Asia.”

This alliance units the stage for fruitful collaboration between Saudi Arabia and Hong Kong within the pursuit of shared objectives and progress within the monetary sector.