Saudi Arabia and Hong Kong have taken new steps to deepen their financial collaboration, positioning themselves as pivotal gateways between the Middle East and Asia.
Collaboration Deepens Between Central Banks
The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) have strengthened financial ties during a high-level meeting in Hong Kong. Governors Ayman Al-Sayari of SAMA and Eddie Yue of HKMA led the discussions on December 5, 2024, focusing on advancing their roles as gateways between the Middle East and Asia.
Exploring Strategic Collaboration Areas
The discussions revolved around financial infrastructure development, supervisory technology adoption, and exploring global investment opportunities. Both institutions emphasized data analysis, financial innovation, and the enhancement of payment systems to bolster economic connectivity. This meeting builds on their July 2023 dialogue in Riyadh, showcasing a shared vision for innovation-driven financial resilience.
Key Statements Highlight Shared Vision
HKMA Governor Eddie Yue expressed optimism about the growing relationship, stating, “Connectivity between Hong Kong and Saudi Arabia has been growing in recent years. We look forward to strengthening our partnership.” Similarly, SAMA Governor Al-Sayari affirmed their commitment to fostering collaboration, knowledge sharing, and innovation to support robust financial systems.
Economic Growth and Vision 2030 Alignment
Saudi Arabia’s Vision 2030 aims to diversify its economy, reducing reliance on oil by promoting infrastructure projects and fintech development. This creates opportunities for Hong Kong-based start-ups and strengthens the two regions’ economic connectivity. A $1 billion fund between the Public Investment Fund and HKMA, along with cross-listed ETFs, underscores the deepening financial partnership.
Al-Sayari’s participation in the Financial Stability Board plenary meeting and EMDEs forum highlights SAMA’s dedication to global collaboration. This alignment reflects the broader ambition to leverage shared expertise for mutual growth.
