July 05, 2019

HKMA and the French Prudential Supervisory and Resolution Authority ACPR signed a Memorandum of Understanding (MoU) to enhance collaboration in supporting fintech innovation. Under the MoU, HKMA and ACPR may collaborate on referral of innovative businesses, information and experience sharing, joint innovative projects, and expertise sharing. HKMA and ACPR share the view that through closer collaboration with each other, both authorities will be able to create an environment conductive to financial innovation in their respective markets.

The MoU was signed between Mr. Norman Chan, the Chief Executive of HKMA, and Mr. François Villeroy de Galhau, Chairman of ACPR and Governor of Banque de France. Mr. Villeroy de Galhau said that this MoU "underscores the strong bilateral ties" between HKMA and ACPR and this collaboration "will help both authorities share their expertise on the regulation of digital finance and ease the international expansion of innovative financial businesses.” Additionally, Mr. Norman Chan said: “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. ”

 

Related Link (in French): ACPR Press Release

 

Keywords: Asia Pacific, Europe, EU, Hong Kong, Banking, Fintech, Regtech, MoU, Cross-Border Cooperation, HKMA, ACPR

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