The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) signed the “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area” (MoU) in October 2021. Under the MoU, the two authorities have agreed to link up the PBoC’s “Fintech Innovation Regulatory Facility” with the HKMA’s “Fintech Supervisory Sandbox” to allow financial institutions and technology firms to conduct pilot trials of cross-boundary Fintech initiatives through a “one-stop platform”, concurrently in Hong Kong and Mainland cities of the Greater Bay Area.
