Hong Kong and Saudi Arabia set their sights on deeper integration of financial services as they engaged in crucial discussions on financial infrastructure development, open market operations, market connectivity, and sustainable growth.
On July 26, 2023, a bilateral meeting between the Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) marked a significant milestone in enhancing financial cooperation between the two nations.
During the meeting, both central banks formalized their commitment to ongoing collaboration by signing a Memorandum of Understanding (MoU). The MoU would facilitate knowledge sharing and exploration of new ideas and technologies within the financial sector, with a particular focus on tokenization, payment infrastructure, and supervisory technologies.
The exchange of knowledge and insights in these areas was a key highlight of the meeting, underscoring the value that both governments place on sharing expertise in order to drive innovation and progress in finance.
HKMA Chief Executive Eddie Yue emphasized the abundant opportunities for collaboration between the Kingdom of Saudi Arabia and Hong Kong, spanning fields such as trade, finance, sustainable development, and fintech.
The signed MoU is expected to fortify the existing ties between the two nations and pave the way for a progressive future in finance and innovation. SAMA Governor Ayman Alsayari expressed optimism that the agreement will stimulate growth and advancement, fostering a closer partnership between Hong Kong and Saudi Arabia.
Notably, Hong Kong is already actively engaged in several cross-jurisdictional tokenization projects. In May 2023, the HKMA and the Central Bank of the United Arab Emirates (CBUAE) convened a meeting to explore potential cooperation in the development of financial technology and cryptocurrency legislation. The primary objective of this meeting was to enhance collaboration between the two regulatory bodies and establish a framework for joint initiatives concerning financial market connectivity and virtual asset legislation in their respective jurisdictions.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
