11 November 2021
The Hong Kong Monetary Authority (“HKMA”) and the People’s Bank of China (“PBOC”) jointly announced on 21 October 2021 that the two authorities have signed a “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area”.
By signing the Memorandum of Understanding, the two authorities have agreed to link up the PBOC’s Fintech Innovation Regulatory Facility with the HKMA’s Fintech Supervisory Sandbox in the form of a “network”. The “network link-up” aims to provide a “one-stop platform” to allow eligible financial institutions (“FIs”) and technology firms to conduct pilot trials of cross-boundary fintech initiatives, concurrently in Hong Kong and Mainland Greater Bay Area cities. The arrangement will enable FIs and tech firms to obtain early supervisory feedback and user opinions, expediting the launch of Fintech products and reducing development costs.
Further details can be found in the joint announcement (Chinese version only) issued by the HKMA and the PBOC.
For further information, please contact:
Simon Deane, Partner, Deacons
simon.deane@deacons.com
