SAMA and HKMA Strengthen Financial Collaboration

The Hong Kong Monetary Authority (HKMA) has published a press release to inform that the Saudi Central Bank (SAMA) and the HKMA itself recently engaged in a bilateral meeting to strengthen collaboration in the financial services sectors of their respective jurisdictions. The meeting, which was held in Riyadh, focused on various initiatives across four major areas: „financial infrastructure development, open market operations, market connectivity, and sustainable development“.
During the meeting, both the SAMA and the HKMA also signed a Memorandum of Understanding (MoU) to facilitate joint discussions on financial innovation. The primary goal of this MoU is to foster knowledge sharing in the fields of financial technology (Fintech) and innovation, thereby covering issues such as „emerging trends, best practices, regulatory issues, policies, and legislation related to Fintech“. The MoU also seeks to accelerate collaborative efforts in the evolving Fintech landscapes of both regions.
The authorities also seized the opportunity to discuss their experiences in research and innovation, showcasing the most recent advancements in fields like „supervision technologies (Suptech), tokenization, and payment infrastructure“.