Al-Sayari: Potential for cooperation with China on regional payment systems

Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayari, said future opportunities may arise to explore potential areas of cooperation and exchange expertise with China on developments in regional payment systems.

Al-Sayari made the remarks during a joint meeting between the governors of central banks of the Gulf Cooperation Council (GCC) countries and the Governor of the People’s Bank of China, on the sidelines of the annual meetings of the IMF and the World Bank annual meeting in Thailand.

Al-Sayari reaffirmed SAMA’s continued commitment to building strong relationships with international counterparts in areas of mutual interest, with the aim of enhancing cooperation, sharing experiences and expertise, and benefiting from global best practices.

He noted that GCC countries have made considerable progress in developing payment system infrastructure, expanding digital payments, enhancing interoperability, and building a more efficient and resilient financial ecosystem.

He added that financial cooperation between the two sides should extend beyond infrastructure, highlighting the importance of strengthening it through regular meetings, technical knowledge-sharing, joint studies, and the identification of clear priorities.

Al-Sayari said AFAQ, the GCC’s Real-Time Gross Settlement System, represents a significant development in strengthening payment infrastructure across the bloc.

He also highlighted the growing importance of cross-border trade and investment as financial flows between the two sides’ economies continue to expand, stressing the need for payment arrangements to evolve in line with and support these developments.