The Hong Kong Monetary Authority (HKMA) together with the Polish Financial Supervision Authority (KNF), have agreed to a Memorandum of Understanding (MoU), focused on the cooperation of the two regulatory entities to further promote and strengthen innovative financial technology products and services.
The MoU was signed by both regulatory authorities today (March 9, 2018). The HKMA’s representative in the signing was Deputy Chief Executive Howard Lee, who came together with KNF Chairman Marek Chrzanowski, to ink their names on the agreement.
Mr. Lee commented on the MoU: “We are pleased to foster a closer relationship with the KNF to better support fintech and innovative financial services across the two jurisdictions. Poland is prioritising on fintech and seeks to become a regional fintech hub in Europe. The co-operation between the HKMA and the KNF would enable the two authorities to benefit from each other’s experience and expertise.”
As part of the terms of the memorandum, the two regulatory authorities will cooperate in various aspects pertaining to the fintech industry.
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They are expected to conduct joint research projects and hold mutual consultations, while also engaging in a free exchange of information and expertise between the sides.
The official announcement of the MoU also included Mr. Chrzanowski’s remarks: “Recently KNF has taken part in a number of activities to support the development of the FinTech sector in Poland and we look forward to fruitful collaboration with Hong Kong which is one of the main financial technology centres in Asia. Mutual consultation and sharing best practice in financial innovations between HKMA and KNF will enable us both to better follow technological change in the financial markets and adapt the supervisory environment to new business models based on modern technological solutions.”
Fintech Strong as Ever
The fintech industry has seen rapid growth and development in recent years. Technological prowess and innovation has been at the forefront of many industries over the past decade, and the financial industry is no exception.
The rapid growth in demand for blockchain and cryptocurrency products and services has also ramped up an already growing industry, further promoting the innovation of new technologies that can be implemented into the financial and payments spaces.
One example of a multinational financial services company pushing forward its fintech agenda is JP Morgan, who acquired fintech payment startup WePay in October of last year.