Hong Kong and Saudi Arabia collaborate on tokens and payments

Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements associated with tokenization and payments infrastructure.The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) on July 26 held a bilateral meeting to enhance the integration of monetary services between the 2 countries.As part of the meeting agenda, the HKMA and the SAMA gone over initiatives such as monetary infrastructure advancement, open market operations, market connectivity and sustainable development. The central banks also signed a memorandum of understanding (MoU) to promote joint conversations on monetary innovation.HJMA chief executive Eddie Yue (left) and SAMA governor Ayman Alsayari (right). Source: HKMAAccording to an official joint announcement, Hong Kong and Saudi Arabias authorities also seized the day to share their proficiency in areas like tokenization, payment facilities and guidance innovations.” There is a lot of room for cooperation in between the Kingdom of Saudi Arabia and Hong Kong in the fields of economy and trade, sustainable advancement, finance and fintech,” HKMA primary executive Eddie Yue said.SAMA guv Ayman Alsayari noted that the MoU will not just promote the ongoing advancement of the relationship in between Hong Kong and Saudi Arabia, but likewise help them “move towards In the future.” Related: Hong Kong would not go crypto without Chinas approval– Animoca execThe announcement doesnt define whether the advancement would consist of any collaborations connected to cryptocurrencies like Bitcoin (BTC), despite HKMA recently enabling retail financiers to trade crypto. On the other hand, the government of Saudi Arabia hasnt been vocal on any strategies to promote crypto in recent years, only alerting that Bitcoin is “not acknowledged by legal entities” in the country in 2019. The HKMA didnt immediately react to Cointelegraphs ask for comment.Hong Kong is already taking part in numerous inter-jurisdictional tokenization initiatives. In mid-June, Bank of Chinas investment bank subsidiary BOCI provided a $28 million tokenized security in Hong Kong, minted on the Ethereum blockchain. The job deployed Goldman Sachs tokenization protocol GS DAP and money tokens representing claims on the Hong Kong dollar.Magazine: Asia Express: China expands CBDCs arms, Malaysia is HKs new crypto competitor