Chief Executive of the Hong Kong Monetary Authority Eddie Yue Wai-man (left) shakes hands with Governor of the Saudi Central Bank Ayman Alsayari during their meeting in Riyadh, Saudi Arabia, on July 26, 2023. (PHOTO / HKSAR GOVERNMENT)

HONG KONG - The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) vowed on Wednesday to strengthen the collaboration between their financial services sectors.

With the MoU, both parties aim to promote knowledge sharing in financial innovation and Fintech, focusing on emerging trends, best practices, regulatory issues, policies, and legislations

Meeting in Riyadh, SAMA and HKMA officials discussed a number of initiatives in four major areas, including financial infrastructure development, open market operations, market connectivity, and sustainable development.

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They also signed a Memorandum of Understanding (MoU) to promote joint deliberations in financial innovation.

"HKMA is a longstanding partner of the Saudi Central Bank and a leader in innovation. The MoU will support our relationship into the future, helping both authorities stay at the cutting edge and strengthening our ability to deal with mutual issues," said Ayman Alsayari, the governor of the SAMA.

With the MoU, both parties aim to promote knowledge sharing in financial innovation and Fintech, focusing on emerging trends, best practices, regulatory issues, policies, and legislations.

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Chief Executive of the HKMA Eddie Yue Wai-man said that there is enormous potential for collaboration between the Kingdom of Saudi Arabia and the Hong Kong Special Administrative Region in areas spanning across economy and trade, sustainable development, finance, and Fintech.

"The MoU, in particular, will further enhance cooperation as well as the 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," Yue added.