RIYADH: Saudi Arabia’s financial system is to benefit from Hong Kong’s expertise thanks to a new deal signed between the Kingdom’s central bank and the Asian powerhouse.
Ayman Al-Sayari, governor of the Saudi Central Bank which is also known as SAMA, met with the Hong Kong Monetary Authority’s CEO Eddie Yue in Riyadh to sign a Memorandum of Understanding centered on developing bilateral ties.
There were also discussions focused on strengthening collaboration in financial infrastructure development, open market operations, monetary policy and Fintech, the Saudi Press Agency reported on Wednesday.
They also held talks on research, development and innovation, highlighting supervisory technologies or Suptech, tokenization, and payment infrastructure.
An agreement was signed to facilitate the exchange of expertise on regulatory issues, laws and policies, and best practices in the field of financial innovation.
“Saudi Arabia’s financial sector is growing remarkably and attracting new local and international investors who could bring added value, particularly in the Fintech industry,” said Al-Sayari.
“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,” he added.
“(The) HKMA is an important partner for the Saudi Central Bank,” Al-Sayari said. “Today’s MoU will support our relationship and contribute to the consolidation of efforts in developing the Fintech industry.”
Yue said: “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.”
He added that the HKMA looks forward to working with the Saudi Central Bank, previously known as the Saudi Arabian Monetary Agency, “to promote investment and financial market connectivity between the Middle East and Asia.”
