News Snapshot:
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China have solidified their relationship in a memorandum of understanding (MOU) that seeks to combine innovation and supervision regarding Fintech. The MOU seeks to implement the “Guangdong-Hong Kong-Macao The Outline of the Development Plan for the Greater Bay Area.” This connects the People’s Bank of China’s financial technology innovation supervision tools with the HKMA’s Fintech supervision sandbox. The MOU aims to “promote financial technology innovation cooperation in a stable and orderly manner under the premise of laws and regulations.” According to the HKMA, the next step will see the...
