The Saudi Central Bank (SAMA) has hosted a delegation from the Hong Kong Monetary Authority (HKMA) in Riyadh, in a bid to enhance bilateral relations and foster cooperation in the realm of financial innovation including fintech.
During the meeting, the two sides engaged in discussions surrounding various collaborative initiatives aimed at bolstering ties in critical areas such as financial infrastructure development, open market operations, monetary policy, and financial technology,
Both parties shared insights and experiences in research, development, and innovation, with a particular focus on supervisory technologies, tokenisation and payment infrastructure.
To formalise their commitment to mutual growth and knowledge-sharing, SAMA and HKMA agreed to facilitate the exchange of expertise and best practices in matters related to regulatory issues, laws, policies, and financial innovation.
The partnership
H.E. Ayman Al-Sayari, governor of SAMA, outlined the impressive growth of Saudi Arabia’s financial sector, which has attracted international investors, especially in fintech.
““Saudi Arabia’s financial sector is growing remarkably and attracting new local and international investors. 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.
“HKMA is an important partner for the Saudi Central Bank. Today’s memorandum of Understanding (MoU)will support our relationship and contribute to the consolidation of efforts in developing Fintech industry.
Highlighting the significance of the partnership, Eddie Yue, chief executive of HKMA, expressed his optimism regarding the potential for collaboration between the two entities. .
“There is huge potential for collaboration between the Kingdom of Saudi Arabia and Hong Kong in areas spanning across economy and trade, green development, finance, and particularly in financial technology.
“The MoU will further enhance mutual cooperation between SAMA and the HKMA through the exchange of information and expertise relating to regulatory issues, policies, laws and legislation, as well as the development of financial innovation. We look forward to working with SAMA to promote investment and financial market connectivity between the Middle East and Asia.”
This alliance sets the stage for fruitful collaboration between Saudi Arabia and Hong Kong in the pursuit of shared goals and progress in the financial sector.
