Hong Kong and Saudi Arabia cooperate on encryption

 

Hong Kong :

and Saudi :

Arabia cooperate on encryption

The Hong Kong Monetary Authority and the Saudi Central Bank have signed a memorandum of understanding to conduct joint studies on financial innovation for their domestic economies.

The central banks signed the memorandum of understanding at a meeting in Riyadh in the presence of the CMA's chief executive.

During the meeting

1. CMA and Saudi Arabian
2. Monetary Corporation exchanged
3. ideas on the four main sectors

Open market operations :

market connectivity

sustainable development and financial infrastructure development.

The MOU will see

banking regulators collaborate together to

try how best to integrate coding into their financial systems.

As Hong Kong :

flourishes into a major digital currency hub

Saudi Arabia has adopted a conservative approach

Experts have predicted that new cooperation could cause

the Middle Eastern country to relax its stance towards the asset class.

For the Director of :

the Saudi Arabian Monetary Authority, the Memorandum of Understanding is a step in the right direction towards the diversification of the Saudi economy.

It will help :

the country "stay ahead" in dealing with new financial issues.

The MOU did not mention digital currencies, although both countries will examine the prospects of the Central Bank's digital currency (CBDC).

"There is tremendous potential for cooperation between Saudi Arabia and Hong Kong in areas spanning the economy and trade, sustainable development, finance and fintech."

In particular :

the memorandum of

understanding will promote mutual cooperation

as well as the exchange of information and experience between the Saudi Arabian Monetary Authority and the Financial Markets Authority in the field of financial innovation and financial technology. "

Hong Kong :

has a series of bilateral arrangements explicitly targeting

the Middle East. Early June

Hong Kong :

has partnered with the Central Bank of the United Arab Emirates (CBUAE)

To develop digital currency regulations and improve

the current state of financial infrastructure.

besides regulations :

Hong Kong and the Central Bank of the United Arab Emirates have agreed to study the positive aspects of using cryptocurrencies to simplify cross-border transactions.

The Hong Kong :

• Finance Authority and the People's Bank of

• China are also collaborating in

• the use of central banks' cryptocurrencies

for international remittances, with several initiatives under way.

Hong Kong

wants to become the global hub of digital assets

• After the issuance of

• a new regulation allowing retail investors to

• work in cryptocurrencies on licensed exchanges

Hong Kong :

tends to become the global hub of all digital assets.

Officials hope to improve :

the deal through a smooth registration process

a deep talent pool

and dedicated free trade zones to embrace digital asset companies.

The city-state expects :

more than 80 global companies to set up a store in the country

tempted by the prospects of a lighter tax burden

and a Web3 development fund included in its annual budget.