HKMA Inks MoU with France’s ACPR to Support Fintech Innovation

The Hong Kong Monetary Authority (HKMA) announced this Thursday that it has inked an agreement with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to support financial technology innovation.

The two regulators have signed a Memorandum of Understanding (MoU) today to enhance the collaboration between the two authorities. This could include collaboration on the referral of innovative businesses, information and experience sharing, joint innovation projects, and expertise sharing, the statement said.

According to the announcement released by the Hong Kong regulator, the two agencies “share the view” that closer collaboration will create a conducive environment to financial innovation and therefore benefit both markets.

Speaking on the agreement, Norman Chan, Chief Executive of the HKMA said: “To capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue our cross-border Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 our ties with Europe in the area of fintech. We look forward to working closely with ACPR and driving our collaboration forward.”

HKMA continues to support fintech innovation

The MoU was signed by Chan and François Villeroy de Galhau, Chairman of ACPR and Governor of Banque de France. This is not the first deal of this kind for the Hong Kong regulator. As Finance Magnates reported, it signed a similar deal with Britain’s FCA.

“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,” added Villeroy de Galhau.

“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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of digital finance and ease the international expansion of innovative financial businesses.”