The Hong Kong Monetary Authority (HKMA) and the Central Bank of Brazil (BCB) signed an agreement to enhance collaboration between the two central banks in the field of fintech.
The pact will encourage and enable innovation in financial services in both markets, and hopes to support the expansion in Brazil of novel financial businesses from Hong Kong and vice-versa.
The agreement was signed between Norman Chan, head of the HKMA, and Ilan Goldfajn, governor of BCB, in Basel. Under the Co-operation Agreement, the HKMA and BCB will collaborate on the referral of innovative businesses, information and experience sharing, and joint innovation projects.
“The signing of this agreement signifies the commitment by both sides to further strengthen the collaboration between Hong Kong and Brazil, the largest economy in Latin America, in the development of fintech,” Chan said.
Goldfajn added: “BCB recently put forward a number of regulations fostering the development of the fintech sector as well as enhancing cyber resilience in Brazil. We look forward to a fruitful collaboration with Hong Kong, which is one of the main financial technology hubs in Asia.
This co-operation agreement entails sharing of experiences and best practices, and will enable us to both monitor technological changes in financial markets from a broader perspective and adapt the regulatory environment to innovative business models.”