Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting tokenization and payments infrastructure agreements.
On July 26, the Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting to strengthen the integration of financial services between the two countries.
As part of the meeting agenda, the HKMA and the SAMA discussed initiatives such as financial infrastructure development, open market operations, market connectivity and sustainable development. The central banks also signed a memorandum of understanding (MoU) to promote joint discussions on financial innovation.
According to an official joint announcement, Hong Kong and Saudi Arabia’s authorities also took the opportunity to share their expertise in areas like tokenization, payment infrastructure and supervision technologies.
“There is a lot of room for cooperation between the Kingdom of Saudi Arabia and Hong Kong in the fields of economy and trade, sustainable development, finance and fintech,” HKMA chief executive Eddie Yue said.
SAMA governor Ayman Alsayari noted that the MoU will not only promote the continued development of the relationship between Hong Kong and Saudi Arabia, but also help them “in the future.”
The announcement doesn’t specify whether the development would include any joint efforts related to cryptocurrencies like Bitcoin (BTC), despite the HKMA recently allowing retail investors to trade crypto. On the other hand, the government of Saudi Arabia hasn’t been vocal on any plans to promote crypto in recent years, only warning that Bitcoin is “not recognized by legal entities” in the country in 2019.
The HKMA didn’t immediately respond to Cointelegraph’s request for comment.
Hong Kong is already participating in several inter-jurisdictional tokenization initiatives. In mid-June, the Bank of China’s investment bank subsidiary BOCI issued a $28 million tokenized security in Hong Kong, minted on the Ethereum blockchain. The project deployed Goldman Sachs’ tokenization protocol GS DAP and cash tokens representing claims on the Hong Kong dollar.
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Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.