Hong Kong and Saudi Arabia to boost financial services integration
Saudi Arabia’s Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) recently held a meeting to discuss ways of boosting financial services integration and cooperation. The July 27 meeting aimed to strengthen the partnership between Saudi Arabia and Hong Kong and enhance their financial systems. The focus was also to agree on tokenization and payment infrastructure. Saudi Arabia and Hong Kong discussion SAMA and HKMA representatives discussed four key focus areas, mainly financial infrastructure development, open market operations, market connectivity, and sustainable development. They also explored supervisory technologies, such as artificial intelligence, machine learning, tokenization, and payment infrastructure. SAMA and HKMA signed a Memorandum of Understanding (MoU) to collaborate on financial innovation to facilitate joint deliberations. The agreement was signed by SAMA’s governor, Mr. Ayman Alsayari, and HKMA’s chief executive, Eddie Y...