Hong Kong and Saudi Arabia collaborate on tokens and payments

Hong Kong is expanding its fiscal collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payments infrastructure.

The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) connected July 26 held a bilateral gathering to fortify the integration of fiscal services betwixt the 2 countries.

As portion of the gathering agenda, the HKMA and the SAMA discussed initiatives specified arsenic fiscal infrastructure development, unfastened marketplace operations, marketplace connectivity and sustainable development. The cardinal banks besides signed a memorandum of knowing (MoU) to beforehand associated discussions connected fiscal innovation.

HJMA main enforcement Eddie Yue (left) and SAMA politician Ayman Alsayari (right). Source: HKMA

According to an authoritative associated announcement, Hong Kong and Saudi Arabia’s authorities besides took the accidental to stock their expertise successful areas similar tokenization, outgo infrastructure and supervision technologies.

“There is simply a batch of country for practice betwixt the Kingdom of Saudi Arabia and Hong Kong successful the fields of system and trade, sustainable development, concern and fintech,” HKMA main enforcement Eddie Yue said.

SAMA politician Ayman Alsayari noted that the MoU volition not lone beforehand the continued improvement of the narration betwixt Hong Kong and Saudi Arabia, but besides assistance them “move towards In the future.”

Related: Hong Kong would not spell crypto without China’s support — Animoca exec

The announcement doesn’t specify whether the improvement would see immoderate associated efforts related to cryptocurrencies similar Bitcoin (BTC), contempt HKMA precocious allowing retail investors to commercialized crypto. On the different hand, the authorities of Saudi Arabia hasn’t been vocal connected immoderate plans to beforehand crypto successful caller years, only informing that Bitcoin is “not recognized by ineligible entities” successful the state successful 2019.

The HKMA didn’t instantly respond to Cointelegraph’s petition for comment.

Hong Kong is already participating successful respective inter-jurisdictional tokenization initiatives. In mid-June, Bank of China’s concern slope subsidiary BOCI issued a $28 cardinal tokenized information successful Hong Kong, minted connected the Ethereum blockchain. The task deployed Goldman Sachs’ tokenization protocol GS DAP and currency tokens representing claims connected the Hong Kong dollar.

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