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Greater Bay Area boosts fintech with landmark tri-region deal

The Hong Kong Monetary Authority (HKMA), People's Bank of China (PBoC), and Monetary Authority of Macao (AMCM) have signed a landmark agreement to enhance fintech cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The agreement, known as the Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the GBA, aims to integrate the region's fintech platforms into a unified network. This network will combine the PBoC's Fintech Innovation Regulatory Facility, the HKMA's Fintech Supervisory Sandbox, and the AMCM's regulatory framework for fintech trials, fostering a cohesive cross-boundary fintech ecosystem. Eddie Yue, HKMA's Chief Executive, lauded the initiative's potential to boost cross-boundary fintech innovation, leveraging the strengths of each region.


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