“Sama” and the Hong Kong Monetary Corporation sign a memorandum of understanding to cooperate in financial innovation

The Governor of the Saudi Central Bank “Sama”, Ayman bin Mohammed Al Sayyari, received on Wednesday in Riyadh the Chief Executive Officer of the Hong Kong Monetary Corporation, Eddie Yu, and his entourage as part of enhanced cooperation in the financial services sector.

During the meeting, the two sides discussed; A number of topics that would enhance cooperation in areas including financial infrastructure development, open market operations, monetary policy and financial techniques, according to a central bank statement.

During the visit, the two sides shared their own experiences in research, development and financial innovation, highlighting areas of development in Suptech, Tokenization and payment infrastructure.
The meeting saw the signing of a memorandum of understanding by the Saudi Central Bank and the Hong Kong Monetary Corporation; To strengthen cooperation in the area of financial innovation; To support joint action and promote knowledge-sharing in financial and technical innovation, focusing on sector developments, best practices and regulatory matters, and financial innovation policies and legislation.

In this regard, the Governor of Sama, Ayman El Siari, noted that the Kingdom’s financial sector was growing positively, and new investors and value-added companies were entering; This has resulted in the emergence of new and innovative financial services; This supports the diversification of the Saudi economy and enhances the Kingdom’s position by becoming a global hub for financial technology.

“The Hong Kong Monetary Authority is an important partner of the Saudi Central Bank, noting that the memorandum of understanding signed between the two sides supports the integration of international efforts in this area.”