Just-In: Hong Kong Central Bank Collaborates With Saudi Arabia After UAE Crypto Push

Hong Kong Monetary Authority (HKMA) has signed a Memorandum of Understanding (MoU) with Saudi Central Bank (SAMA) to strengthen financial collaboration. It follows the HKMA’s collaboration with the UAE central bank on May 30 to improve financial service sectors, as well as virtual asset regulations and developments.

HKMA Collaboration With Saudi Arabia Central Bank

During a meeting in the capital Riyadh, the central bank of Saudi Arabia and the central bank of Hong Kong discussed collaboration in many key areas including financial infrastructure development, open market operations, market connectivity, and sustainable development.

Eddie Yue, Chief Executive of the HKMA, said:

“The MoU, in particular, will further enhance mutual cooperation as well as exchange of information and expertise between the SAMA and the HKMA in financial innovation and Fintech. We look forward to working with the SAMA to promote investment and financial market connectivity between the Middle East and Asia.”

The MoU was signed by the Governor of the SAMA Ayman Alsayari and the Chief Executive of the HKMA Eddie Yue to improve research and innovation in areas such as supervision technologies (Suptech), tokenization, and payment infrastructure.

The central banks will also work on various fronts including monetary policy framework and sustainable finance, with knowledge sharing in financial innovation and Fintech as a key part.

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Hong Kong Focus On Crypto Hub

Recently, Hong Kong announced a crypto licensing regime and virtual asset regulations for making the region a crypto hub. Several crypto exchanges and firms applied for licenses in Hong Kong due to crypto-friendly regulations and rising demand.

Hong Kong authorities and the central bank are also working to improve crypto and CBDC landscape after it approved retail investment in crypto such as Bitcoin, Ethereum, and other altcoins.

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