Hong Kong, China Announce Cross Border Fintech Initiative

The Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBoC) have announced that they are accepting applications from financial institutions and Fintechs for conducting pilot trials of cross-boundary fintech initiatives in the Greater Bay Area (GBA).

The Greater Bay Area Fintech Pilot Trial Facility aims to provide a “one-stop platform” to allow these firms to test their cross-boundary Fintech initiatives while receiving early supervisory feedback and user opinions.

The Greater Bay Area is a central government plan to link Hong Kong, Macau, and multiple cities in Guangdong into a connected business region. In many respects, the cross-border initiative in regards to financial services has been ongoing for quite some time now. A Memorandum of Understanding on Cooperation in Fintech Innovation Supervision has been agreed upon between Hong Kong and mainland China.

The PBoC and the HKMA have agreed to a set of operational procedures for the GBA Fintech pilot trial facility.

Related to the initiative, the HKMA is currently seeking an Executive to lead the Fintech Facilitation Office and accepting applications now.

 

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