Hong Kong inks fintech cooperation deal with Brazil

The two central banks will share information and lead joint innovation projects.

The Hong Kong Monetary Authority (HKMA) has inked a cooperation agreement with the Central Bank of Brazil (BCB) to enhance fintech collaboration, according to a media release. 

Signed by Norman Chan, chief executive of the HKMA, and Ilan Goldfajn, governor of BCB, the deal aims to encourage and enable innovation in financial services in both markets, as well as lend support to financial businesses seeking to expand to each other’s jurisdictions.

Specifically, the HKMA and BCB will collaborate on the referral of innovative businesses, information and experience sharing, and joint innovation projects.

“The signing of this agreement signifies the commitment by both sides to further strengthen the collaboration between Hong Kong and Brazil, the largest economy in Latin America, in the development of fintech,” Chan said in a statement.