On 9 November 2023, the HKMA, the People’s Bank of China (“PBoC”), and the Monetary Authority of Macao (“AMCM”) jointly issued a press release, announcing the signing of the “Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”)”. According to the Memorandum of Understanding (“MoU”), the three authorities have agreed to establish a network that connects the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox, and the AMCM’s Regulatory Requirements for Innovative Fintech Trials.
This collaboration aims to enhance cooperation and facilitate fintech innovation within the GBA region. The signing of the MoU and the implementation of the network link-up mark a significant milestone in the deepening of fintech innovation cooperation in the GBA.
The press release is available here.
