Lawrence Jengar
Dec 06, 2024 08:15
The Hong Kong Financial Authority and Saudi Central Financial institution strengthen monetary cooperation by way of a bilateral assembly, specializing in infrastructure, know-how, and funding alternatives.
The Hong Kong Financial Authority (HKMA) and the Saudi Central Financial institution (SAMA) have intensified their monetary cooperation efforts following a bilateral assembly in Hong Kong on December 5, 2024. This vital assembly aimed to bolster ties between the monetary sectors of the 2 areas, in response to the Hong Kong Financial Authority.
Focus Areas of Cooperation
The discussions between HKMA and SAMA coated a variety of vital areas, together with monetary infrastructure growth, the adoption of supervisory know-how, and the exploration of worldwide funding alternatives. The assembly additionally offered a platform for each events to share experiences in financial analysis, aiming to create a extra resilient monetary system.
Earlier Engagements
This assembly follows an earlier engagement held in Riyadh in July 2023, underscoring the continuing dedication of each entities to foster a collaborative relationship. These bilateral talks are a part of a broader technique to reinforce the connectivity between Hong Kong and Saudi Arabia, which has been on the rise lately.
Management Statements
Mr. Eddie Yue, Chief Government of the HKMA, expressed enthusiasm for the continuing collaboration, stating, “We’re delighted to welcome the SAMA delegation to Hong Kong. Connectivity between Hong Kong and Saudi Arabia has been rising lately. We sit up for strengthening our partnership with the SAMA and persevering with our trade in areas of mutual curiosity.”
Equally, Mr. Ayman Al-Sayari, Governor of the SAMA, highlighted the significance of the assembly, noting, “The bilateral assembly bolstered the continual cooperation between our central banks, highlighting our shared dedication to fostering worldwide collaboration, sharing data, and driving innovation to assist a sturdy and resilient monetary system.”
Future Prospects
The continued dialogue between HKMA and SAMA is anticipated to open new avenues for collaboration, notably in areas that leverage the strengths of each areas as gateways between the Center East and Asia. This cooperation is anticipated to foster financial progress and innovation, benefiting each monetary sectors.
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