Home Fintech Saudi Central Financial institution and Hong Kong Financial Authority Strengthen Collaboration in Monetary Innovation

Saudi Central Financial institution and Hong Kong Financial Authority Strengthen Collaboration in Monetary Innovation

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Saudi Central Financial institution and Hong Kong Financial Authority Strengthen Collaboration in Monetary Innovation

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

In the course of the assembly, the 2 sides engaged in discussions surrounding numerous collaborative initiatives geared toward bolstering ties in crucial areas reminiscent of monetary infrastructure improvement, open market operations, financial coverage, and monetary know-how,

Each events shared insights and experiences in analysis, improvement, and innovation, with a specific deal with supervisory applied sciences, tokenisation and fee infrastructure.

To formalise their dedication to mutual progress and knowledge-sharing, SAMA and HKMA agreed to facilitate the alternate of experience and finest 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 progress of Saudi Arabia’s monetary sector, which has attracted worldwide traders, particularly in fintech.

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

“HKMA is a crucial companion for the Saudi Central Financial institution. As we speak’s memorandum of Understanding (MoU)will help our relationship and contribute to the consolidation of efforts in growing Fintech business.

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

“There may be enormous potential for collaboration between the Kingdom of Saudi Arabia and Hong Kong in areas spanning throughout financial system and commerce, inexperienced improvement, finance, and notably in monetary know-how.

“The MoU will additional improve mutual cooperation between SAMA and the HKMA via 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 sit 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.

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