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.
Authorized names evaluated the partnership
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.
“There is a lot of room for cooperation between the Kingdom of Saudi Arabia and Hong Kong in the fields of economics and trade, sustainable development, finance and fintech,” said HKMA CEO Eddie Yue. 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.
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