SAMA signed a cooperation agreement with the Monetary Authority of Singapore in the fields of fintech and innovation

In the areas of innovation and fintech (financial technology), the Monetary Authority of Singapore (MAS) and the Saudi Central Bank (SAMA) inked a cooperation agreement on Wednesday in Riyadh. SAMA Governor Ayman Al-Sayari and Singapore Minister for Foreign Affairs Dr. Vivian Balakrishnan, who was speaking on behalf of MAS, signed the agreement.

The purpose of the agreement is to improve cooperation and promote the two organisations' reciprocal growth. It aims to offer a strong foundation for collaboration between the innovation departments of both organisations and to promote activities in global markets while upholding the rights and obligations of all parties.

Additionally, it aims to provide efficient channels for information exchange on fintech and innovation, encourage market adoption of these concepts, and improve collaboration and coordinated efforts in areas of shared interest. The collaboration agreement demonstrates a strong commitment to use the resources and skills available to both sides, marking a significant turning point in the advancement of fintech and innovation.