Hong Kong, Saudi Arabia team up for tokenization and payments research

The Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) have signed a <a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/07/20230727-7/" rel="noopener ugc nofollow" target="_blank">Memorandum of Understanding</a> (MoU) to conduct joint studies in financial innovation for the benefit of their local economies. Both central banks signed the MoU at a meeting in Riyadh with HKMA’s Chief Executive Eddie Yue in attendance. During the meeting, the HKMA and the SAMA shared ideas about the four key sectors-open market operations, market connectivity, sustainable development, and financial infrastructure development. The MoU will see both banking regulators team up to experiment with the best methods to integrate <a href="https://coingeek.com/bitcoin101/what-is-tokenization/" rel="noopener ugc nofollow" target="_blank">tokenization</a> into their financial systems. While <a href="https://coingeek.com/news/tag/hong-kong/" rel="noopener ugc nofollow" target="_blank">Hong Kong</a> is thriving to become a major hub for digital currencies, <a href="https://coingeek.com/news/tag/saudi-arabia/" rel="noopener ugc nofollow" target="_blank">Saudi Arabia</a> has adopted a conservative approach, with experts predicting that the new collaboration could see the Middle Eastern country soften its stance toward the asset class. <a href="https://medium.com/@satoshisbitcoin22/hong-kong-saudi-arabia-team-up-for-tokenization-and-payments-research-c841b48d21ca">Visit Now</a>