The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT) have signed a Memorandum of Understanding (MoU) for collaboration on financial technology (fintech) innovation between the two regulatory authorities.

The MoU was signed in Basel, Switzerland between BoT Governor Veerathai Santiprabhob and Chief Executive of the HKMA Norman Chan. The two agencies agreed to jointly promote collaborations and information exchanges, as well as enter into new projects to develop innovative fintech.

Among the ongoing joint projects between the two authorities is a feasibility study on establishing a Central Bank Digital Currency (CBDC). The HKMA’s Project LionRock and the BoT’s Project Inthanon are being used as case studies in which both banks can build upon to carry out cross-border transactions.

Chan revealed that both the HKMA and BoT have long been partners, and the recent MoU is expected to promote even further collaboration in the fintech arena. He added that the MoU underlines the determination of both central banks to work together to develop the international banking industry.

Meanwhile, Veerathai said that as financial regulators, both banks are keen on building a strong ecosystem to support the development of all technology that will be useful for the finance industry. The BoT also expressed readiness to work closely with the HKMA to transform creative ideas into fintech projects that will help upgrade the quality of life in their respective economies.

Source: www.bot.or.th

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