Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) and Hong Kong Monetary Authority (HKMA) have discussed ways to enhance cooperation in the financial services sector.

The discussions were held as Ayman Al-Sayari, Governor of SAMA, received the Chief Executive of HKMA, Eddie Yue, and his accompanying delegation in Riyadh.

During the meeting, the two sides covered a number of topics that would enhance cooperation in many fields including the development of financial infrastructure, in addition to open market operations, monetary policy, and financial technology (Fintech).

The two sides highlighted areas of development in supervisory technologies (Suptech), Tokenization, as well as payment infrastructure.

The meeting witnessed the signing of a memorandum of understanding (MoU) between the two sides to enhance cooperation in the field of financial innovation.

The MoU aims to support joint work, strengthening knowledge exchange in financial innovation and Fintech, with a focus on new developments in the sector, in addition to the best practices, regulatory matters, policies and legislation related to financial innovation.

Al-Sayari said the financial sector in Saudi Arabia is witnessing positive growth, with the entry of new participants from investors and companies giving added value.

This resulted in the appearance of new and creative financial services, which came in the interest of supporting diversification of the Saudi economy, and enhancing the Kingdom's position to become a global hub for Fintech, Al-Sayari stated.

He noted that HKMA is considered an important partner for SAMA, indicating that the MoU between the two sides supports the integration of international efforts in the field.

From his side, HKMA's Eddie Yue noted that SAMA is considered a valuable partner for cooperation and knowledge exchange.

He expects the MoU will contribute in enhancing cooperation and strengthening its aspects in the field of financial innovation.

There will be a large scope for participants in the market from both sides in a way that will enhance interdependence between them, he added.