The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have signed an MoU to deepen fintech innovation supervisory cooperation in the GBA.

Under the MoU, the three authorities agreed to link up, in the form of a network, the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox, and the AMCM’s Regulatory Requirements for innovative fintech trials.

This will provide a one-stop platform for pilot trials of cross-boundary fintech initiatives and strengthen the synergy of fintech supervisory cooperation across the three regions.

The MoU is part of the three authorities’ efforts to fully implement the Outline Development Plan for the GBA, which was issued by the Communist Party of China Central Committee and the State Council in 2019.

The plan aims to deepen fintech innovation co-operation, promote the development of digital finance in Guangdong, Hong Kong and Macao, enhance the quality and efficiency of financial services in the GBA, and strengthen financial support for the development of the region.

Eddie Yue, Chief Executive of the HKMA, said,

“We are very pleased to have, together with the PBoC, jointly invited the AMCM to join the one-stop platform. This arrangement will provide a more friendly supervisory environment for cross-boundary fintech developments.

 

The HKMA will continue to seize the opportunities in the GBA and work closely with the Mainland and Macao in promoting the further development of fintech innovation in the region.”

Featured image: Zhang Qingsong, Deputy Governor of the People’s Bank of China (centre); Raymond Chan, Executive Director (Banking Supervision) of the Hong Kong Monetary Authority (right); and Lau Hang-kun, Henrietta, Executive Director of the Monetary Authority of Macao (left), sign the MoU at the ChengFang Fintech Forum in Beijing.