Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area

The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have jointly announced the signing of a „Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)“. This agreement aims to establish a network between the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox, and the AMCM’s Regulatory Requirements for Innovative Fintech Trials.
The MoU sets the stage for close collaboration in FinTech innovations, creating a one-stop platform for piloting cross-boundary fintech initiatives, with the aim to streamline supervisory processes and strengthen cooperation across the three regions.
Mr. Eddie Yue, Chief Executive of the HKMA, expressed enthusiasm about inviting the AMCM to join this platform, highlighting the positive impact on fostering a conducive supervisory environment for cross-boundary FinTech progress. He emphasized the HKMA’s commitment to seizing opportunities within the GBA and working closely with Mainland China and Macao to advance FinTech innovation in the region.
Previously, in October 2021, the HKMA and PBoC had signed a similar MoU to facilitate pilot trials for cross-boundary FinTech initiatives in Hong Kong and Mainland GBA cities. This initiative was launched in February 2022. The recent inclusion of the AMCM further strengthens this platform, as evidenced by the joint signing ceremony held during the ChengFang Fintech Forum in Beijing on November 8, 2023.