Hong Kong and Thailand sign fintech MoU

24 May 2019

digitalThe Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) signed a Memorandum of Understanding (MoU) on the 12th of May 2019 in an effort to boost financial innovation, Finextra reports.

Mr Norman Chan, Chief Executive of the HKMA, and Mr Veerathai Santiprabhob, Governor of BOT, in Basel signed the MoU, which states that the HKMA and BOT are able to cooperate on the referral of innovative businesses, information and experience sharing, and joint innovation projects.

The two authorities are currently considering one possible partnership in a joint research project on Central Bank Digital Currency (CBDC).

“The HKMA and BOT are long-time partners in a number of important financial initiatives. Today I am pleased to have signed a fintech MoU with Governor Santiprabhob to take our collaboration to the next level. The signing of this MoU not only demonstrates our mutual interests in developing collaborative fintech initiatives, but also underlines our on-going efforts in cross-border collaboration between central banks in promoting innovation and enhancing experience sharing,” said Mr Chan.

He went on to say: “The HKMA looks forward to working together with BOT and seeing the positive outcome from our joint effort.”

Mr Santiprabhob said: “The synergies from our collaboration will lead to productive outcomes that will benefit us all. I believe there is huge potential to enhance quality of financial services by leveraging on technological advancement, and it is our responsibilities as regulators to create an ecosystem that is conducive to innovations.

“The BOT looks forward to working closely with the HKMA in turning great ideas into innovative practical solutions that will ultimately improve people’s lives.”