The Hong Kong Monetary Authority (HKMA) announced this Thursday that it has inked an agreement with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to support financial technology innovation.
The two regulators have signed a Memorandum of Understanding (MoU) today to enhance the collaboration between the two authorities. This could include collaboration on the referral of innovative businesses, information and experience sharing, joint innovation projects, and expertise sharing, the statement said.
According to the announcement released by the Hong Kong regulator, the two agencies “share the view” that closer collaboration will create a conducive environment to financial innovation and therefore benefit both markets.
Speaking on the agreement, Norman Chan, Chief Executive of the HKMA said: “To capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue our cross-border fintech collaboration with major markets such as Europe.
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“The signing of this MoU with France, one of the largest economies in Europe and a fast-growing fintech hub, signifies the HKMA’s commitment to further strengthening our ties with Europe in the area of fintech. We look forward to working closely with ACPR and driving our collaboration forward.”
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The MoU was signed by Chan and François Villeroy de Galhau, Chairman of ACPR and Governor of Banque de France. This is not the first deal of this kind for the Hong Kong regulator. As Finance Magnates reported, it signed a similar deal with Britain’s FCA.
“This MoU underscores the strong bilateral ties between the HKMA and the ACPR. For some years, both authorities have been strongly committed to promoting innovation in their respective financial market, while safeguarding financial stability and consumer protection,” added Villeroy de Galhau.
“In particular, Hong Kong has become one of the most dynamic fintech hubs in Asia. This collaboration will help both authorities share their expertise on the regulation of digital finance and ease the international expansion of innovative financial businesses.”