The Hong Kong Monetary Authority (HKMA) and a French authority announced that they have entered into a Memorandum of Understanding (MoU) on 5 July 2019.
The MoU is aimed at enhancing collaboration between the two authorities in supporting fintech innovation.
The MoU was signed between the Chief Executive of the HKMA and the Chairman of the French agency and Governor of Banque de France. Under the MoU, the HKMA and ACPR may collaborate on referral of innovative businesses, information and experience sharing, joint innovative projects, and expertise sharing.
The HKMA and ACPR share the view that through closer collaboration with each other, both authorities will be able to create an environment conducive to financial innovation in their respective markets, ultimately leading to mutually beneficial outcomes.
It was noted that in order to capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue the cross-border FinTech collaboration with major markets such as Europe.
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 its ties with Europe in the area of fintech.
It is expected that further discussions will happen with ACPR and will drive collaboration forward.
It was noted that 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.
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.
FinTech in Hong Kong
According to an earlier report by OpenGov Asia noted The Hong Kong Monetary Authority (HKMA) announced the launch of its Academy of Finance. This is seen as a definite step towards the development of more world-class financial leaders in the city.
The academy will invite about 100 top executives from Hong Kong’s banking, finance and insurance industries to participate in a development programme involving workshops and research as members.
No exams, classroom study, training will be conducted but it is expected that the members to be actively involved in the development programme, which will involve a lot of heavyweight speakers, workshops and research.
The academy will play a vital role in helping the industry develop the skills needed to overcome challenges, particularly sustainability, and to build the next phase of growth through innovation and collaboration across geographies and industries.
Those who are a part of the academy has stated their gratitude for being fellows of the Academy of Finance.
A major bank noted that they are committed to being the training ground for financial experts and are proud to contribute to Hong Kong’s diverse pool of talent.
With the development of financial technology, evolving regulatory frameworks and higher customer expectations, these changes will only accelerate.
Therefore, it is very important that banking practitioners, especially industry leaders, be equipped with updated financial knowledge.
It is believed that the setting up of the Academy of Finance will help further consolidate Hong Kong’s position as an international financial centre.
Thus, Hong Kong’s commitment to growing its FinTech ecosystem is evident in the choices the Government and related agencies are making.