The Hong Kong Monetary Authority (HKMA) and the Polish Financial Supervision Authority (KNF) have inked a memorandum of understanding (MoU) to bolster fintech ties between the two markets.
Under the agreement, the two watchdogs will share information and expertise as well as carry out mutual consultations.
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At the same time, the two regulators will also team up on joint research projects.
KNF chairman Marek Chrzanowski said: “Mutual consultation and sharing best practice in financial innovations between HKMA and KNF will enable us both to better follow technological change in the financial markets and adapt the supervisory environment to new business models based on modern technological solutions.”
HKMA has signed similar agreements with various other regulators in the recent times, the most recent being the one signed with the Swiss Financial Market Supervisory Authority (FINMA).
HKMA deputy CEO 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.”
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By GlobalData
