Regulatory Alerts2024-02-08
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Expansion of Greater Bay Area Fintech Pilot Trial Facility
The Hong Kong Monetary Authority, the People’s Bank of China, and the Monetary Authority of Macao have expanded the Greater Bay Area Fintech Pilot Trial Facility to include Macao. This expansion implements a November 2023 Memorandum of Understanding that links the regulatory sandbox frameworks of all three jurisdictions to facilitate cross-boundary fintech innovation. Financial institutions and technology firms may now apply for pilot trials by submitting detailed application forms to the HKMA, with relevant data shared with the PBoC and AMCM based on the initiative's geographic scope.
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