The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MoU) to join forces and collaborate on financial technology innovations.
According to the HKMA, the two regulators have agreed to share existing research, along with co-developing advanced innovation projects. The MoU was signed between Norman Chan, Chief Executive of the HKMA, and Veerathai Santiprabhob, Governor of BOT.
One area that is reportedly high on the joint effort's priority list is creating and issuing Central Bank Digital Currencies (CBDCs). Earlier this month, the BOT published an update on the status of Project lnthanon, an initiative to develop a prototype digital currency with fintech partners.
HKMA CEO Norman Chan said the HKMA and BOT are longtime partners in financial initiatives and he was pleased to sign the Fintech MoU to take the 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.”
BOT Governor Santiprabhob called the MoU a significant step in the fintech collaboration between the two agencies. “The synergies from our collaboration will lead to productive outcomes that will benefit us all. I believe there is huge potential to enhance the quality of financial services by leveraging technological advancement, and it is our responsibilities as regulators to create an ecosystem that is conducive to innovations.”
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