HKMA, OFDS agree to strengthen fintech co-operation

Hong Kong Monetary Authority (HKMA) has visited the Office of Financial Development Service, the People’s Government of Shenzhen Municipality (OFDS) to keep a track on applications and latest developments of fintech in Shenzhen.

HKMA and OFDS also exchanged views on the co-operation among banks and financial institutions in both the cities and agreed to strengthen fintech co-operation. This cooperation aims to create more favorable environment for the development and use of fintech by banks and other financial institutions.

Norman Chan, Chief Executive of the HKMA visited OFDS along with two pioneering fintech firms in Shenzhen, namely Webank and Ping An Technology.

“Hong Kong and Shenzhen have their respective edges in the development and applications of fintech. As an international financial centre, Hong Kong has a significant presence of financial institutions from all over the world, as well as a robust and efficient financial infrastructure, which provide a sound base for fintech developments. As for Shenzhen, outstanding technology companies and talents both at home and abroad have been drawn to the city. Through strengthening bilateral co-operation, Hong Kong and Shenzhen can complement each other and bring about mutual benefits,” Chan stated.

The fintech cooperative initiatives include OFDS accepting the HKMA's invitation to take part in the Fintech Summit scheduled in Hong Kong in the second half of 2017 in order to promote the exchange and co-operation between fintech stakeholders in Hong Kong and the Mainland. Also, under the cooperation, HKMA will join hands with its strategic partners in Hong Kong, including the Hong Kong Science Park and Invest Hong Kong, with a view to providing assistance to fintech firms in Shenzhen in expanding their business in Hong Kong and the vice versa for OFDS.

The HKMA and the OFDS will line up major fintech firms in Shenzhen in offering internship positions for students in tertiary education institutions in Hong Kong.

“The arrangement to deepen bilateral exchanges and co-operation has great significance for the implementation of the Guangdong-Hong Kong-Macao Bay Area development strategy, and the development of Shenzhen into a modern international city of innovation as well as a global technology and industry innovation centre,” He Xiaojun, Director-General of the OFDS said. “Co-operation between the two cities will create mutual benefits and strong synergies, adding new impetus to the Bay Area. It will also signify an important step for the Bay Area to develop into an international fintech centre.”