The Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) have signed a Memorandum of Understanding (MoU) to conduct joint studies that aim to advance financial innovation in their respective jurisdictions.

The partnership between the HKMA and SAMA stems from the need to explore and experiment with the best methods to integrate tokenization into their financial systems.

With Hong Kong aiming to be a significant hub for digital currencies and Saudi Arabia’s conservative approach, this collaboration seeks to benefit both economies by researching financial innovation, including the possibility of a central bank digital currency (CBDC).

The partner of Fintech section is