Tokyo FinTech
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Tokyo FinTech

Launch of Greater Bay Area Fintech Sandbox

The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) are ready to accept applications from financial institutions (FIs) and technology firms for conducting pilot trials of cross-boundary FinTech initiatives in the Greater Bay Area (GBA).

In October 2021, the HKMA and the PBoC signed a Memorandum of Understanding (MoU), agreeing to link up the PBoC’s Fintech Innovation Regulatory Facility with the HKMA’s Fintech Supervisory Sandbox.

The objective is to provide a “one-stop platform” to allow FIs and technology firms to pilot test their cross-boundary fintech initiatives, concurrently in Hong Kong and GBA cities, and to obtain early supervisory feedback and user opinions.

The PBoC and the HKMA have jointly developed a set of operational procedures for the GBA fintech pilot trial facility. FIs and technology firms in Hong Kong intending to access the facility can contact the HKMA at gbafintechtesting@hkma.gov.hk. Applicants for accessing the facility will be requested to complete a sandbox application form and provide information about their company background, the fintech product or service to be tested, as well as the scope of testing. The information provided will be shared with the PBoC and relevant Mainland authorities. Once a decision on the application is made, the applicant will be notified accordingly.

This article is part of our Tokyo FinTech Publication, please follow us to read more from our writers, like hundreds of readers do every day. Please also register for our short weekly digest, published some Saturdays, at the link below.

Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.

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一般社団法人 (General Incorporated Association) Tokyo FinTech is registered as a non-profit organization in Japan, promoting the domestic ecosystem through innovation

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Norbert Gehrke

Norbert Gehrke

Passionate about strategy & innovation across Asia. At home in Japan. Connector of people & ideas.

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