The Hong Kong Monetary Authority (HKMA) and Polish Financial Supervision Authority (KNF) have issued a Memorandum of Understanding to support FinTech collaboration with each other.
Through this agreement, they hope to bolster co-operation between the two countries by promoting the financial services. The MoU will see the authorities collaborate on joint research projects, information exchange, mutual consultations and expertise sharing.
HKMA deputy chief executive Howard Lee said, “Poland is prioritising on FinTech and seeks to become a regional fintech hub in Europe. The co-operation between the HKMA and the KNF would enable the two authorities to benefit from each other’s experience and expertise.”
To support FinTech in both countries, HKMA and KNF hope to follow the technological change in the financial market and adapt the supervisory environment to support the new models.
KNF chairman Marek Chrzanowski said, “Recently KNF has taken part in a number of activities to support the development of the FinTech sector in Poland and we look forward to fruitful collaboration with Hong Kong which is one of the main financial technology centres in Asia.”
Last year, Hong Kong’s Securities and Futures Commission launched a RegTech sandbox to support companies testing their products. The risk-free environment will help to identify and address any issues or concerns with regulated activities before they are launched.
Hong Kong was the second biggest area for FinTech finding in Asia last year. The country picked up 19 per cent of the total $13bn that was deployed to the region last year.