With an aim to fully implement the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) issued by the Communist Party of China Central Committee and the State Council, the People's Bank of China (PBoC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) have recently signed the “Memorandum of Understanding (MoU) on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area”.  Under the MoU, the three authorities agreed to link up, in the form of a network, the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox and the AMCM’s Regulatory Requirements for Innovative Fintech Trials. In compliance with laws and regulations, the “network link-up” will continue to deepen fintech innovation co-operation, promote the development of digital finance in Guangdong, Hong Kong and Macao, enhance the quality and efficiency of financial services in the GBA, and strengthen financial support for the development of the GBA.

As a next step, the three authorities will, following the principles of mutual trust, mutual understanding and mutual respect under the co-operation framework of the MoU, deepen the synergy of fintech supervisory co-operation, with a view to facilitating the quality financial development of the GBA.

With the signing of the MoU and the implementation of the network link-up, the three authorities will continue to deepen fintech innovation co-operation.  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 co-operation across the three regions.

Mr Eddie Yue, Chief Executive of the HKMA, said, “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 more friendly supervisory environment for cross-boundary fintech developments.  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.”

In October 2021, the HKMA and the PBoC signed the “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area” 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 subsequently launched in February 2022.