The Hong Kong Monetary Authority (HKMA) announced in February 2022 the launch of the Greater Bay Area (GBA) fintech pilot trial facility and that it was prepared to process applications from financial institutions and technology firms for access to this cross-border facility. The announcement came after the signing of the “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area” by the HKMA and the People’s Bank of China (PBOC) in October 2021 in which the two authorities aimed to provide a “one-stop platform” to allow eligible financial institutions and technology firms to conduct pilot trials of cross-border fintech initiatives.
To get ready for processing applications for accessing the facility, the HKMA and the PBOC jointly developed a set of operational procedures for the facility.
Further details can be found in the circular issued by the HKMA. A notice (in Chinese only) similar to the circular was also issued by the PBOC.
Authored by: Simon Deane and James Tong
For further information, please contact:
Simon Deane, Partner, Deacons
simon.deane@deacons.com
