Hong Kong: Fintech Innovation Boost in GBA with New Tripartite Deal

A landmark agreement has been reached between the Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM), promising to revolutionize fintech cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

The “Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the GBA” aims to foster a more integrated and innovative financial technology environment.

Under this Memorandum of Understanding (MoU), these leading financial authorities will merge their fintech platforms – the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox, and the AMCM’s Regulatory Requirements for Innovative Fintech Trials – into a unified network.

This integration is a significant step towards creating a cohesive, cross-boundary fintech ecosystem in the GBA, according to the announcement.

The MoU signifies more than just a formal agreement; it is a strategic move to enhance fintech innovation through cooperative efforts. This collaborative network will serve as a one-stop platform for pilot fintech trials across borders, effectively streamlining processes and facilitating smoother regulatory cooperation among the three regions.

Eddie Yue, Chief Executive of the HKMA, expressed enthusiasm about the collaboration, highlighting the opportunities it presents for cross-boundary fintech developments.

He added that this initiative will create a more conducive supervisory environment for fintech innovation in the GBA, leveraging the strengths of each region.

This agreement builds upon the foundation laid in October 2021 when the HKMA and PBoC first signed an MoU to establish a platform for cross-boundary fintech pilot trials in Hong Kong and Mainland GBA cities. The successful launch of this platform in February 2022 has paved the way for the inclusion of Macao in this growing fintech network.

The signing ceremony, held at the ChengFang Fintech Forum in Beijing, was marked by the presence of key figures from the three authorities. Mr. Zhang Qingsong, Deputy Governor of the People’s Bank of China; Mr. Raymond Chan, Executive Director (Banking Supervision) of the HKMA; and Ms. Lau Hang-kun, Henrietta, Executive Director of the AMCM, jointly signed the MoU, symbolizing a united front in fintech innovation.

This tripartite agreement is more than just a bureaucratic exercise. It represents a significant leap forward in creating a dynamic and interconnected fintech landscape in the GBA, promising to usher in a new era of financial innovation and cooperation.

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