Hong Kong and Saudi Arabia collaborate on tokens and payments

Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payments infrastructure.

The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) on July 26

The announcement doesn’t specify whether the development would include any joint efforts related to cryptocurrencies like Bitcoin (BTC), despite HKMA recently allowing retail investors to trade crypto. On the other hand, the government of Saudi Arabia hasn’t been vocal on any plans to promote crypto in recent years, only warning that Bitcoin is “not recognized by legal entities” in the country in 2019.

The HKMA didn’t immediately respond to Cointelegraph’s request for comment.

Hong Kong is already participating in several inter-jurisdictional tokenization initiatives. In mid-June, Bank of China’s investment bank subsidiary BOCI issued a $28 million tokenized security in Hong Kong, minted on the Ethereum blockchain. The project deployed Goldman Sachs’ tokenization protocol GS DAP and cash tokens representing claims on the Hong Kong dollar.

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