Hong Kong’s Monetary Authority (HKMA) and Saudi Arabia’s Central Bank (SAMA) have signed a Memorandum of Understanding (MoU) to enhance financial collaboration.
Hong Kong’s Monetary Authority (HKMA) has partnered with Saudi Arabia’s Central Bank (SAMA) through a Memorandum of Understanding (MoU) to enhance financial cooperation. This comes after a previous collaboration between HKMA and the UAE central bank on May 30, focusing on improving financial services and regulations related to virtual assets.
In a meeting held in Riyadh, the central banks of Saudi Arabia and Hong Kong discussed working together on various important aspects, such as developing financial infrastructure, open market operations, market connectivity, and sustainable development.
Eddie Yue, the Chief Executive of the HKMA, stated that the MoU will strengthen cooperation and the sharing of information and expertise between SAMA and HKMA in financial innovation and Fintech. He also expressed eagerness to collaborate with SAMA to boost investment and financial market connectivity between the Middle East and Asia.
The MoU was signed by Ayman Alsayari, the Governor of SAMA, and Eddie Yue, the Chief Executive of the HKMA. It aims to enhance research and innovation in areas like supervision technologies (Suptech), tokenization, and payment infrastructure.
Both central banks will collaborate on various aspects, including monetary policy framework and sustainable finance. They will also prioritize sharing knowledge in financial innovation and Fintech to foster mutual growth and development.
Hong Kong Aims to Become a Crypto Hub
Recently, Hong Kong unveiled a new crypto licensing regime and virtual asset regulations in a bid to establish itself as a leading center for cryptocurrencies. Many crypto exchanges and firms have shown interest in obtaining licenses in Hong Kong, thanks to its crypto-friendly regulations and growing demand in the region.
Hong Kong authorities, along with the central bank, are also actively working to enhance the crypto and Central Bank Digital Currency (CBDC) landscape. They have already approved retail investment in popular cryptocurrencies like Bitcoin and Ethereum, as well as other altcoins, further solidifying their commitment to embrace the crypto market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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