The Hong Kong Monetary Authority (HKMA) has signed a memorandum of understanding (MoU) with Bank of Thailand (BOT) to foster fintech collaboration.

The MoU will also provide a framework to promote innovation to improve quality of financial services.

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HKMA chief executive Norman Chan said: “The HKMA and BOT are long-time partners in a number of important financial initiatives.

“Today I am pleased to have signed a fintech MoU with Governor Santiprabhob to take our collaboration to the next level.

“The signing of this MoU not only demonstrates our mutual interests in developing collaborative fintech initiatives, but also underlines our on-going efforts in cross-border collaboration between central banks in promoting innovation and enhancing experience sharing.”

The agreement will also enable the HKMA and BOT to partner in various other initiatives including joint innovation projects and information exchanges.

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A joint research project on Central Bank Digital Currency (CBDC) is currently under consideration.

BOT Governor Veerathai Santiprabhob said: “The synergies from our collaboration will lead to productive outcomes that will benefit us all.

“I believe there is huge potential to enhance quality of financial services by leveraging on technological advancement, and it is our responsibilities as regulators to create an ecosystem that is conducive to innovations.”

Earlier this month, HKMA issued four virtual banks licences to improve financial inclusion and customer experience.

The move follows granting three such licences in March this year.