The Saudi Central Bank (SAMA) has agreed to collaborate in fintech and innovation with its Singaporean equivalent.
The deal was signed by SAMA Gov. Ayman Al-Sayari and Singaporean Minister for Foreign Affairs Vivian Balakrishnan, representing the country’s monetary authority. Under the agreement, both entities will work toward establishing an effective mechanism to share information on fintech and innovation, besides enhancing cooperation in areas of mutual interest, as per arab news.
The agreement also strives to promote activity in foreign marketplaces while respecting both parties' rights and duties. The agreement occurred after Saudi Crown Prince Mohammed bin Salman met Singapore Prime Minister Lee Hsien Loong on Oct. 18 at Al-Yamamah Palace in Riyadh. The two talked about bilateral ties and strategies to expand collaboration in numerous sectors.
Saudi Arabia's economic connection with Singapore has grown stronger over the last six decades, with seven memorandums of understanding inked this month during the Saudi-Singapore Joint Committee. The Federation of Saudi Chambers and the Singapore commercial Forum signed a memorandum of agreement at the event to promote bilateral commercial connections.
The Kingdom's Investment Ministry has signed another Memorandum of Understanding with its Singaporean counterpart to encourage and facilitate investment possibilities between the two countries. Saudi Transport and Logistic Services Minister Saleh Al-Jasser and Singaporean Manpower Minister Tan See Leng chaired the joint committee.