RIYADH: Saudi Central Bank, also known as SAMA, has signed an agreement with its Singaporean counterpart to cooperate in fintech and innovation.
The deal was signed by SAMA Gov. Ayman Al-Sayari and Singaporean Minister for Foreign Affairs Vivian Balakrishnan, representing the country’s monetary authority, Saudi Press Agency reported.
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.
The deal also seeks to facilitate activities in international markets while respecting the rights and obligations of both parties.
The agreement came in the wake of Saudi Arabia’s Crown Prince Mohammed bin Salman meeting Singapore’s Prime Minister Lee Hsien Loong at Al-Yamamah Palace in Riyadh on Oct. 18.
The pair discussed bilateral relations between their countries and ways to boost cooperation in various fields.
Saudi Arabia’s economic relationship with Singapore, which has been going on steadily over the past six decades, has strengthened further as seven memorandums of understanding were signed during the Saudi-Singapore Joint Committee this month.
During the gathering, the Federation of Saudi Chambers and the Singapore Business Forum signed a memorandum of understanding to strengthen business ties between countries.
The Kingdom’s Investment Ministry also inked another MoU with its Singaporean counterpart to foster and facilitate investment opportunities between both nations.
The joint committee was led by Saudi Transport and Logistic Services Minister Saleh Al-Jasser and Singaporean Manpower Minister Tan See Leng.
Al-Jasser said that both countries have enjoyed strong ties for nearly six decades, and the joint committee will bolster it further.
Highlighting strong cooperation across all fields, he said that the volume of trade exchange between the nations reached SR45.2 billion ($12.05 billion) in 2022, representing an increase of about 50 percent compared to 2021.
The Saudi minister added that the Kingdom is keen to cooperate with Singapore across infrastructure, transport and logistics sectors.
The other sectors under consideration were 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.