SAMA Partners with the Monetary Authority of Singapore on Fintech and Innovation
Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have signed an agreement to cooperate on fintech and innovation. The agreement aims to establish an effective mechanism to share information on fintech and innovation, enhance cooperation in areas of mutual interest, and facilitate activities in international markets while respecting the rights and obligations of both parties.
The agreement comes in the wake of a meeting between Saudi Arabia’s Crown Prince Mohammed bin Salman and Singapore’s Prime Minister Lee Hsien Loong, where the two leaders discussed bilateral relations and ways to boost cooperation in various fields.
The Saudi-Singapore Joint Committee, led by Saudi Transport and Logistic Services Minister Saleh Al-Jasser and Singaporean Manpower Minister Tan See Leng, also held a meeting this month, during which seven memorandums of understanding were signed, including one between the Federation of Saudi Chambers and the Singapore Business Forum to strengthen business ties between the two countries.
Al-Jasser highlighted the strong ties between the two countries, which have enjoyed a trade exchange of SR45.2 billion ($12.05 billion) in 2022, representing an increase of about 50 per cent compared to 2021. He also added that the Kingdom is keen to cooperate with Singapore across infrastructure, transport, and logistics sectors, as well as financial services, energy, digital economy, and tourism.
The joint committee meeting also highlighted the opportunities available to Singaporean companies in the Saudi market as the Kingdom steadily diversifies its economy away from oil, aligned with the goals outlined in Vision 2030.
