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  • Sheryll Mericido

SAMA and MAS signed fintech cooperation agreement in Riyadh, significant development

Riyadh, October 19, 2023, In a significant development, the Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) came together to sign a cooperation agreement in Riyadh, focusing on the realms of financial technology (fintech) and innovation. The agreement, inked by SAMA Governor Ayman Al-Sayari and Singapore Minister for Foreign Affairs Dr. Vivian Balakrishnan, who represented MAS, aims to not only bolster collaboration but also foster the mutual growth of these two influential organizations.

This accord sets out to facilitate various activities in international financial markets while diligently upholding the rights and obligations of both parties. A key objective is to establish a robust framework for cooperation between the innovation departments of SAMA and MAS, creating efficient mechanisms for sharing valuable information concerning fintech and innovation. The agreement further strives to promote the utilization of these technologies in financial markets, ultimately leading to greater cooperation and coordinated efforts in areas of shared interest.

This milestone cooperation agreement signifies a robust commitment to advancing fintech and innovation, showcasing a dedication to harnessing the abundant resources and expertise available to both SAMA and MAS. It promises to be a game-changer in the world of financial technology and innovation, reflecting the determination to leverage collective strengths for mutual benefit.

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