Hong Kong is expanding financial cooperation with the Kingdom of Saudi Arabia by targeting tokenization and payment infrastructure agreements. On July 26, the Saudi Central Bank (SAMA) and Hong Kong Monetary Authority (HKMA) held a meeting to strengthen the interconnection of financial services between countries. As part of the meeting agenda, HKMA and SAMA cover topics such as financial infrastructure development, open market operations, market connectivity and sustainable development.
Central banks signed a memorandum of understanding (MoU) to encourage joint discussions on financial innovation. Hong Kong and Saudi Arabian authorities have engaged in areas such as tokenization, payment infrastructure and auditing technologies, according to an official joint announcement.
HKMA CEO Eddie Yue says:
There is much room for cooperation between the Kingdom of Saudi Arabia and Hong Kong in the fields of economy and trade, sustainable development, finance and fintech.
SAMA governor Ayman Alsayari noted that the Memorandum of Understanding will not only support the continued development of the relationship between Hong Kong and Saudi Arabia, but will also help them in the future.