Hong Kong, Saudi Arabia monetary authorities discuss financial infrastructure, open market operations, market connectivity, sign MOU

Hong Kong Monetary Authority and the Saudi Central Bank officials discussed issues in supervision technologies, tokenisation and payment infrastructure

The two sides signed a Memorandum of Understanding on Wednesday to jointly work on projects

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The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (sixth right) and the Governor of the Saudi Central Bank, Mr Ayman Alsayari (fifth right) conducted a bilateral meeting on 26 July (Riyadh time) with senior managements from HKMA and SAMA to enhance collaboration between the financial services sector in the two jurisdictions. Photo: HKMA

Published: 7:04pm, 27 Jul 2023Updated: 7:04pm, 27 Jul 2023

Central bank officials of Hong Kong and Saudi Arabia have agreed to jointly promote financial innovation projects and develop fintech, leveraging on the respective strengths of the two markets.

The Saudis are keen to enhance ties with Hong Kong, the world’s biggest offshore yuan centre, using the city as the bridge to mainland China, its biggest trading partner while Hong Kong is keen to deliver its financial services expertise to the Arab world’s biggest economy.

Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) officials discussed the latest developments in areas such as supervision technologies, tokenisation and payment infrastructure with the two sides signing a Memorandum of Understanding (MOU) on Wednesday to jointly work on projects.

SAMA’s governor Ayman Alsayari, and HKMA chief executive Eddie Yue Wai-man, discussed financial infrastructure development, open market operations, market connectivity and sustainable development, according to an HKMA statement issued on Thursday.

“Through this MOU, both parties aim to promote knowledge sharing in financial innovation and fintech, focusing on emerging trends, best practices, regulatory issues, policies and legislation,” it said.

The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (left) and the Governor of the Saudi Central Bank, Mr Ayman Alsayari (right) signed a Memorandum of Understanding on 26 July (Riyadh time) to promote collaboration on financial innovation.

The MOU seeks to accelerate collaborative efforts across the respective fintech landscapes, it added.