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    HKMA and PBC Sign Cooperation Agreement on Fintech Innovation

    October 21, 2021

    The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBC) have signed a memorandum of understanding (MoU) on supervision and cooperation for financial technology innovation in the Guangdong-Hong Kong-Macao Greater Bay Area. By signing the memorandum, the two authorities agreed to link the fintech innovation regulatory facility of PBC with the fintech supervisory sandbox of HKMA in the form of a network. The network link-up aims to provide a one-stop platform to allow eligible financial institutions and technology firms to conduct pilot trials of cross-boundary fintech initiatives, concurrently in Hong Kong and Mainland Greater Bay Area cities.

    This arrangement will enable financial institutions and technology firms to obtain early supervisory feedback and user opinions, expediting the launch of fintech products and reducing development costs. The outline of the development plan for the Greater Bay Area not only provides to connect the two authorities' tools but also promotes financial technology innovation cooperation in a stable and orderly manner under the premise of laws and regulations  The quality and efficiency of financial services in the district will increase financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. The two parties will adhere to the principles of mutual trust, mutual understanding, and mutual respect under the cooperation framework of MoU, provide efficient financial technology innovation testing services, and inject new impetus into the high-quality financial development of the Guangdong-Hong Kong-Macao Greater Bay Area.

     

    Keywords: Asia Pacific, Hong Kong, China, Banking, Fintech, MoU, Supervisory Cooperation, Regtech, Regulatory Sandbox, PBC, HKMA

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