PBOC, HKMA, and AMCM sign MoU to boost fintech innovation in Greater Bay Area

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PBOC, HKMA, and AMCM sign MoU to boost fintech innovation in Greater Bay Area
Credit: © Reuters.

Today, the People's Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA), and the Monetary Authority of Macao (AMCM) signed a Memorandum of Understanding (MoU) to enhance fintech innovation in the Greater Bay Area (GBA). This agreement is an extension of the Outline Development Plan in the GBA, aiming to stimulate digital finance development, bolster financial services' quality, and strengthen financial support for the region's growth.

The MoU was initially announced on Wednesday at the ChengFang Fintech Forum in Beijing. It establishes a network connecting PBOC's Fintech Innovation Regulatory Facility, HKMA's Fintech Supervisory Sandbox, and AMCM's Regulatory Requirements for Innovative Fintech Trials. This integrated platform is designed to streamline cross-boundary fintech trials and improve supervisory cooperation.

HKMA's Chief Executive Eddie Yue Wai-man highlighted the potential of this setup to promote a favorable environment for cross-boundary fintech developments. He reaffirmed HKMA's commitment to exploiting GBA opportunities and catalyzing further fintech innovation in collaboration with mainland China and Macao.

The authorities have pledged to maintain their cooperation, rooted in mutual trust, understanding, and respect. The initiative is expected to spur digital finance development, enhance the quality and efficiency of financial services in Guangdong, Hong Kong, and Macao, and provide robust financial support for GBA's growth.

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