HKMA and SAMA Deepen Financial Ties Between Hong Kong and Saudi Arabia

The Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) have intensified their financial cooperation efforts following a bilateral meeting in Hong Kong on December 5, 2024. This significant meeting aimed to bolster ties between the financial sectors of the two regions, according to the Hong Kong Monetary Authority.

Focus Areas of Cooperation

The discussions between HKMA and SAMA covered a range of critical areas, including financial infrastructure development, the adoption of supervisory technology, and the exploration of global investment opportunities. The meeting also provided a platform for both parties to share experiences in economic research, aiming to create a more resilient financial system.

Previous Engagements

This meeting follows an earlier engagement held in Riyadh in July 2023, underscoring the ongoing commitment of both entities to foster a collaborative relationship. These bilateral talks are part of a broader strategy to enhance the connectivity between Hong Kong and Saudi Arabia, which has been on the rise in recent years.

Leadership Statements

Mr. Eddie Yue, Chief Executive of the HKMA, expressed enthusiasm for the ongoing collaboration, stating, “We are delighted to welcome the SAMA delegation to Hong Kong. Connectivity between Hong Kong and Saudi Arabia has been growing in recent years. We look forward to strengthening our partnership with the SAMA and continuing our exchange in areas of mutual interest.”

Similarly, Mr. Ayman Al-Sayari, Governor of the SAMA, highlighted the importance of the meeting, noting, “The bilateral meeting reinforced the continuous cooperation between our central banks, highlighting our shared commitment to fostering international collaboration, sharing knowledge, and driving innovation to support a robust and resilient financial system.”

Future Prospects

The continued dialogue between HKMA and SAMA is expected to open new avenues for collaboration, particularly in areas that leverage the strengths of both regions as gateways between the Middle East and Asia. This cooperation is anticipated to foster economic growth and innovation, benefiting both financial sectors.