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 <p class="is-style-lead">Saudi Arabia’s Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) recently held a meeting to discuss ways of boosting <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> <a rel="noopener noreferrer nofollow" title="services" href="https://thebittimes.com/tag/services.html">services</a> <a rel="noopener noreferrer nofollow" title="integration" href="https://thebittimes.com/tag/integration.html">integration</a> and cooperation.&nbsp;</p> 
 <p>The July 27 meeting aimed to strengthen the partnership between Saudi Arabia and Hong Kong and enhance their <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> systems.</p> 
 <p>The focus was also to agree on tokenization and payment infrastructure.</p> 
 <h2 class="wp-block-heading" id="saudi-arabia-and-hong-kong-discussion">Saudi Arabia and Hong Kong discussion</h2> 
 <p>SAMA and HKMA representatives discussed four key focus areas, mainly <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> infrastructure development, open market operations, market connectivity, and sustainable development. </p> 
 <p>They also explored supervisory technologies, such as artificial intelligence, machine learning, tokenization, and payment infrastructure.&nbsp;</p> 
 <p>SAMA and HKMA signed a Memorandum of Understanding (MoU) to collaborate on <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> innovation to facilitate joint deliberations. </p> 
 <p>The agreement was signed by SAMA’s governor, Mr. Ayman Alsayari, and HKMA’s chief executive, Eddie Yue.</p> 
 <p>Although the announcement covers <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> trends, the&nbsp;press release&nbsp;did not specify whether the collaboration would encompass joint initiatives concerning cryptocurrencies such as Bitcoin (BTC).</p> 
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 <p>However, it still holds weight in crypto. This is considering HKMA’s&nbsp;partnership&nbsp;with the UAE central bank on May 30 aimed at strengthening cooperation on virtual asset regulations and developments.</p> 
 <h2 class="wp-block-heading" id="hong-kong-an-emerging-crypto-hub">Hong Kong an emerging crypto hub</h2> 
 <p>As reported by&nbsp;Bloomberg, Hong Kong plans to become a crypto hub.&nbsp;</p> 
 <p>In late May, Christopher Hui, Hong Kong’s treasury chief said retail investors can engage in crypto trading since virtual assets are here to stay.&nbsp;</p> 
 <p>Hong Kong is also actively involved in multiple cross-border tokenization projects, including the successful launch of a $28 million tokenized security in mid-June by&nbsp;BOCI, the investment bank subsidiary of the Bank of China, utilizing Ethereum.&nbsp;</p> 
 <p>As a result, discussions of advancing Fintech naturally lead to conversations around decentralized finance and virtual currencies.&nbsp;</p> 
 <p>Although Hong Kong is open to supporting crypto-assets, the government of Saudi Arabia has made it clear that they do not wish to promote the use of cryptocurrencies.&nbsp;</p> 
 <p>Their most recent statement was issued in 2019, warning that Bitcoin does not hold official recognition by legal entities within the country. As a result, the extent to which these measures will affect the crypto community remains to be seen.</p> 
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Hong Kong and Saudi Arabia to boost financial services integration

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