Riyadh, July 26, 2023, In a bid to strengthen diplomatic ties with foreign counterparts, the Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayari, played host today to the Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, and his entourage at SAMA's headquarters in Riyadh. During the meeting, both parties engaged in fruitful discussions regarding various measures aimed at enhancing cooperation in key domains such as financial infrastructure development, open market operations, monetary policy, and Fintech. During the discussion, representatives from both parties had the opportunity to share their valuable insights and experiences in the fields of research, development, and innovation. They specifically emphasized the significant advancements made in supervisory technologies (Suptech), tokenization, and payment infrastructure. In a move to further their joint efforts, two authorities have signed a Memorandum of Understanding (MoU). The agreement aims to enhance collaboration by promoting the exchange of expertise and knowledge in various areas, including regulatory issues, laws and policies, and best practices in the realm of financial innovation. Saudi Arabia's financial sector is experiencing a remarkable surge, captivating the attention of both local and international investors who possess the potential to enhance its growth, particularly in the Fintech industry. The Kingdom's journey towards establishing itself as a global Fintech hub will be further bolstered by this growth, thereby supporting the ongoing efforts to diversify the Saudi economy. In a recent statement, Al-Sayari, the esteemed Governor of the Saudi Arabian Monetary Authority (SAMA), expressed his views on the matter. In a recent statement, Al-Sayari emphasized the significance of the Hong Kong Monetary Authority (HKMA) as a crucial partner for the Saudi Central Bank. In a significant development, a Memorandum of Understanding (MoU) was signed today, signaling a strong commitment to bolstering our relationship and fostering collaboration in the advancement of the Fintech industry. This strategic move is expected to play a pivotal role in consolidating efforts and driving progress in this rapidly evolving sector. In a recent statement, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), expressed his belief in the immense possibilities for collaboration between the Kingdom of Saudi Arabia and Hong Kong. Highlighting various sectors such as the economy, trade, green development, finance, and particularly financial technology, Yue emphasized the potential for fruitful partnerships in these areas. In a move aimed at bolstering collaboration, the Saudi Arabian Monetary Authority (SAMA) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU). This agreement will serve to deepen the existing partnership between the two regulatory bodies by facilitating the exchange of vital information and expertise on a range of regulatory matters. These include, but are not limited to, issues pertaining to policies, laws, legislation, and the ever-evolving landscape of financial innovation. In an optimistic statement, the speaker expressed their anticipation of collaborating with SAMA (the Saudi Arabian Monetary Authority) to foster investment and enhance financial market connectivity between the Middle East and Asia.
Ahmed Saleh