The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) plans to step up cooperation on fintech development in the Greater Bay Area of Guangdong, Hong Kong and Macau.
PBOC announced on 21 October that it recently executed a memorandum of agreement with HKMA to undertake fintech innovation regulatory cooperation in the Greater Bay Area.
The “Memorandum of Agreement on the Development of Fintech Innovation Regulatory Cooperation in the Greater Bay Area” (关于在粤港澳大湾区开展金融科技创新监管合作的谅解备忘录) will see the “integration of PBOC’s fintech innovation regulatory tools with HKMA’s fintech regulatory sandboxes, the steady and orderly advance of fintech innovation cooperation, and the expansion of financial support for the development of the Greater Bay Area.”
PBOC said that the next step would be for the two authorities to provide fintech innovation testing services within the framework of cooperation.
