The Hong Kong Monetary Authority (HKMA) and the Polish Financial Supervision Authority (KNF) have signed a memorandum of understanding which will see “enhanced” financial collaboration between the two bodies.

The MoU was signed between Howard Lee, deputy chief executive of the HKMA and Marek Chrzanowski, chairman of the KNF today in Hong Kong. Under the MoU, the HKMA and the KNF will collaborate on joint research projects, information exchange, mutual consultations and expertise sharing.

“We are pleased to foster a closer relationship with the KNF to better support fintech and innovative financial services across the two jurisdictions,” said Lee. “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.”

Chrzanowski added: “Recently KNF has taken part in a number of activities to support the development of the FinTech sector in Poland and we look forward to fruitful collaboration with Hong Kong which is one of the main financial technology centres in Asia.

Related: HKMA looks to explore digital currency

“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.”

Earlier this year the HKMA released a set of guidelines for online banks looking to set up in the autonomous territory.

New ventures must have a minimum of HK$300 million ($38 million) and will be unable to impose a minimum account balance. This is according to draft guidelines set out by the authority, for which it will receive feedback on 15 March.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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