Hong Kong, Saudi Arabia strengthen financial ties, roles as Asia and Middle East gateways
Saudi central bank governor Al-Sayari and his delegation were in Hong Kong this week to attend the Financial Stability Board’s Plenary meeting
Hong Kong and Saudi Arabia are strengthening their bilateral cooperation in the financial services sector after a meeting in the city this week as their central banks explore ways to enhance their roles as the gateways between the two jurisdictions.
Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), met with Ayman Al-Sayari, governor of the Saudi Central Bank known as SAMA, on Thursday, in a follow-up to their first meeting in Riyadh in July 2023. They discussed financial infrastructure development, supervisory technology adoption and investment outlook, among other topics, the HKMA said on Friday.
The two monetary authorities also explored potential areas of cooperation in financial stability, data analyses, financial innovation and payment systems, the SAMA said in a separate statement.
“Connectivity between Hong Kong and Saudi Arabia has been growing in recent years,” Yue said. “We look forward to strengthening our partnership with the SAMA and continuing our exchange in areas of mutual interest to enhance [our] roles as the gateways between the Middle East and Asia.”
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Al-Sayari and his delegation were in Hong Kong for the Financial Stability Board Plenary meeting on December 4 and 5, as were some global central bankers and finance ministry officials. The Basel-based board monitors systemic risk and makes recommendations to fix vulnerabilities in the global financial system.
