Zhang Qingsong, Deputy Governor of the People's Bank of China (center); Raymond Chan, Executive Director (Banking Supervision) of the Hong Kong Monetary Authority (right); and Henrietta Lau Hang-kun, Executive Director of the Monetary Authority of Macao (left), sign the " Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area " at the ChengFang Fintech Forum in Beijing on Nov 8, 2023. (PHOTO / HONG KONG MONETARY AUTHORITY)

HONG KONG – The People’s Bank of China and the monetary authorities of the Hong Kong and Macao special administrative regions have signed an agreement to deepen fintech innovation cooperation in the Greater Bay Area.

The PBOC, the Hong Kong Monetary Authority and the Monetary Authority of Macao (AMCM) signed the "Memorandum of Understanding (MoU) on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area" on Wednesday, the HKMA said in a statement.

Under the MoU, the three authorities agreed to form a network linking up the PBOC's Fintech Innovation Regulatory Facility, the HKMA's Fintech Supervisory Sandbox and the AMCM's Regulatory Requirements for Innovative Fintech Trials

Under the MoU, the three authorities agreed to form a network linking up the PBOC's Fintech Innovation Regulatory Facility, the HKMA's Fintech Supervisory Sandbox and the AMCM's Regulatory Requirements for Innovative Fintech Trials.

ALSO READ: Fintech firms bank on HK as gateway to GBA

The network link-up will provide a one-stop platform to facilitate the pilot trials of cross-boundary fintech initiatives and strengthen the synergy of fintech supervisory cooperation across the GBA.

"We are very pleased to have, together with the PBOC, jointly invited the AMCM to join the one stop platform. This arrangement will provide a morefriendly supervisory environment for cross-boundary fintech developments," Eddie Yue Wai-man, the Chief Executive of the HKMA, was quoted as saying in the statement.  

“The HKMA will continue to seize the opportunities in the GBA and work closely with the mainland and Macao in promoting the further development of fintech innovation in the region," he added.

According to the statement, the network link-up will continue to deepen fintech innovation cooperation and promote the development of digital finance in Guangdong, Hong Kong, and Macao. It will also enhance the quality and efficiency of financial services in the GBA while strengthening financial support for its development.

READ MORE: Rise of Greater Bay Area boosts Hong Kong's fintech industry

In October 2021, the HKMA and the PBOC signed an MoU to provide a one-stop platform for pilot trials of cross-boundary fintech initiatives in Hong Kong and mainland GBA cities. The one-stop platform was launched in February 2022.