Representatives of the Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding with the Bank of Thailand (BOT) to conduct joint development in the field of financial technologies.
The document was signed in Basel by the executive director of HKMA, Norman Chan, and the head of BOT, Veerathai Santiprabhob.
Within the framework of the alliance, regulators will share their knowledge and experience in the development of the fintech business and design innovative projects together. One of them is the issue of digital currencies by Central Banks.
Also, HKMA intends to use digital assets in interbank and corporate settlements, as well as debt obligations.
Chen noted that it was not the first time that HKMA and BOT were working on a joint project, and this deal shows a mutual interest in implementing joint initiatives in the field of financial technologies.
“The synergies from our collaboration will lead to productive outcomes that will benefit us all, Santiprabhob said, …it is our responsibilities as regulators to create an ecosystem that is conducive to innovations.”
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