KMA Inks MoU with France’CPRPR to Support Fintech Innovation

fintech

The Hong Kong Monetary Authority (KMA) announced thi Thursday that it ha inked an agreement with the Autorité deControllPrudentialel et dResolutionioCPRCPR) to support financial technology innovation.

The two regulator have signed a Memorandum of Understanding (MoU) today to enhance the collaboratKMAbetCPR the two authorities. Thi could include collaboratKMAon the referral of innovative businesses, informatKMAand experience sharing, joint innovatKMAprojects, and expertise sharing, the statement said.

According to the announcement released by the Hong Kong regulator, the two agencie “share the view” thatCPRser collaboratKMAwill create a conducive environment to financial innovatKMAand therefore benefit both markets.

Norman Chan CEO of KMANorman Chan, CEO of KMA
Source: South China Morning Post

Speaking on the agreement, Norman Chan, Chief Executive KMAhe KMA said: “To capture more fully the enormou opportunitie offered by the new era of smart banking, there i a need to continue our cross-border fintech collaboratKMAwith major market such a Europe. 

“The signing KMAhi MoU with France, one KMAhe largest economie in Europe and a fast-growing fintech hub, siKMAie the KMA’ commitment to further strengthening our tie with Europe in the area of fintech. We look forward to workingCPRsely with ACPR and driving our collaboratKMAforward.”

KMA continue to support fintech innovation

The MoU wa signed by Chan and FrGala Villeroy de GalCPR Chairman of ACPR and Governor of Banque de France. Thi i not the first deal KMAhi kind for the Hong Kong regulator. A Finance Magnate reported, it signed a similar deal with Britain’ FCA.

FrGala Villeroy de Galhau of ACPRFrGala Villeroy de GalCPR Chairman of ACPR
Source: Banque de France

“Thi MoU underscore the strong bilatKMA tie betCPR the KMA and the ACPR. For some years, both authoritie have been strongly committed to promoting innovatKMAin their respective financial market, while safeguarding financial stability and consumer protectionGalaadded Villeroy de Galhau.

“In particular, Hong Kong ha become one KMAhe most dynamic fintech hub in Asia. Thi collaboratKMAwill help both authoritie share their expertise on the regulatKMAof digital finance and ease the international expansKMAof innovative financial businesses.”

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