Hong Kong’s Central Bank is Now Working with France to Cultivate Fintech Innovation

Hong Kong’s Central Bank is Now Working with France to Cultivate Fintech Innovation

by July 9, 2019
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The Hong Kong Monetary Authority (HKMA) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s central bank, entered into a Memorandum of Understanding (MoU) on 5 July 2019 to help each other grow their fintech.

Under the MoU, the HKMA and ACPR may collaborate on referral of innovative businesses, information and experience sharing, joint innovative projects, and expertise sharing. The HKMA and ACPR share the view that through closer collaboration, both authorities can create an environment conductive to financial innovation in their respective markets, ultimately leading to mutually beneficial outcomes.

Norman Chan said,

Norman Chan

Norman Chan

“To capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue our cross-border fintech collaboration with major markets such as Europe. The signing of this MoU with France, one of the largest economies in Europe and a fast-growing fintech hub, signifies the HKMA’s commitment to further strengthening our ties with Europe in the area of fintech.”

Villeroy de Galhau said,

Villeroy de Galhau

Villeroy de Galhau

“This MoU underscores the strong bilateral ties between the HKMA and the ACPR. In particular, Hong Kong has become one of the most dynamic fintech hubs in Asia. This collaboration will help both authorities share their expertise on the regulation of digital finance and ease the international expansion of innovative financial businesses.”

The exact nature of their collaboration will remain to be seen.

The newly minted partnership with France’s central bank is one of the many collaborative relationships that Hong Kong has formed. Others include its collaboration with Bank of Thailand (BOT), to jointly research Central Bank Digital Currency (CBDC) where both authorities apply the knowledge gained from their respective CBDC studies.

Another partnership was struck with the Malaysian central bank to, in parts, facilitate and promote frameworks for Islamic finance, and to promote cross-border activities on Islamic finance standards.

Featured Image of HKMA building via Wikimedia

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