The central banks of Hong Kong and Saudi Arabia will look to deepen collaboration across various areas including financial innovation and technology.
The Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) will look to deepen ties with the aim of promoting knowledge sharing in financial innovation and fintech, according to a statement, with a focus on emerging trends, best practices, regulatory issues, policies and legislation.
A memorandum of understanding (MoU) to jointly work on projects was signed by HKMA chief Eddie Yue and SAMA governor Ayman Alsayari at the latter’s headquarters in Riyadh.
The MoU was signed during a visit by an HKMA delegation on July 26. During the visit, both sides discussed a number of initiatives in four major areas: financial infrastructure development, open market operations, market connectivity and sustainable development. They also shared their own experience in research and innovation, including new developments in supervision technologies, tokenization and payment infrastructure.
