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Hong Kong holds meeting to enhance cross-border fintech collaboration

Xinhua Financein HONG KONG
2019-01-10 10:20

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The Hong Kong Monetary Authority (HKMA) held a high-level round table here Wednesday to enhance cross-border fintech collaboration among different jurisdictions.

The round table was attended by about 45 senior representatives from six international organizations and around 30 central banks or regulatory authorities in 18 jurisdictions.

It aimed to strengthen cross-border fintech collaboration among jurisdictions in order to promote innovation and technology adoption that would bring greater convenience, efficiency and security to the public and at the same time ensure financial stability.

Titled "From Mutual Understanding to Global Collaboration," the meeting comprised presentations and panel discussions that covered a range of topics including case studies of cross-border collaborations, open banking, and the use of emerging technologies in providing financial services.

Participants discussed issues that merit each other's attention and shared their experience and insights into these topics.

"One of the key characteristics of fintech is that it is borderless," Deputy Chief Executive of the HKMA Howard Lee said that as fintech develops, cross-border issues are likely to gain importance.

"It is therefore crucial that we deepen mutual understanding and step up global collaboration to ensure a well-functioning financial system," he said, adding that the HKMA will continue to foster cross-border fintech collaboration and facilitate the creation of a conducive ecosystem for fintech innovation.
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