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Hong Kong and Saudi Arabia Strengthen Financial Collaboration, Targeting Tokenization and Payments Infrastructure

Hong Kong and the Kingdom of Saudi Arabia are increasing their financial collaboration with a focus on tokenization and payments infrastructure. The two central banks, HKMA and SAMA, signed a memorandum of understanding to promote joint discussions on financial innovation and share expertise in areas such as tokenization and payment infrastructure. The announcement does not specify whether the development will include any joint efforts related to cryptocurrencies like Bitcoin. Hong Kong is already participating in several inter-jurisdictional tokenization initiatives, including Bank of China's recent issuance of a $28 million tokenized security on the Ethereum blockchain.

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