RIYADH — The Saudi Central Financial institution (SAMA) signed a Cooperation Settlement with the Financial Authority of Singapore (MAS) on Wednesday, in Riyadh within the fields of fintech (finance expertise) and innovation.

The Settlement was signed by SAMA Governor Ayman Al-Sayari and Singapore Minister for International Affairs Dr. Vivian Balakrishnan, representing MAS.

The settlement goals to strengthen collaboration and foster mutual improvement of the 2 organizations.

It seeks to facilitate actions in worldwide markets whereas respecting the rights and obligation of each events, present a sturdy framework for Cooperation between the innovation departments of each organizations.

It additionally seeks to determine efficient mechanisms for sharing info relating to fintech and innovation, promote their utilization within the markets, and improve cooperation and foster coordinated efforts in areas of mutual curiosity.

The cooperation settlement represents a landmark milestone in advancing fintech and innovation, exhibiting excessive dedication to leveraging sources and experience accessible to each events. — SPA