Both the Saudi Central Bank and the Hong Kong Monetary Authority held meetings where tokenization was one of the prime subjects of discussion.
The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) have jointly held discussions on several issues recently. The crypto community was intrigued due to tokenization, one of the subjects of the meeting. Both the central banks also discussed other financial services, such as open market operations and financial infrastructure development.
Sustainable development and market connectivity are also featured as two other topics on their agenda. SAMA and HKMA also signed a Memorandum of Understanding (MoU) based on their collaborative meeting.
The two authorities shared their knowledge and experience dealing with tokenization, supervision technology, and payment infrastructure. The HKMA mentioned the same in a press release. Going forward, the two central banks would focus on legislation, policies, best practices, emerging trends, and regulatory issues.
The Governor of SAMA, Ayman Al-Sayari, appreciated their joint efforts with HKMA. He said, “As the Kingdom develops as a global Fintech hub, our links with other growing hubs become ever more important. HKMA is a longstanding partner of the Saudi Central Bank and also 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.”
The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, was also bullish on their partnership’s huge potential. He mentioned the HKMA would look ahead to promoting market connectivity and investment between the Middle East and Asia.