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Information Center > Press Releases > Insurance Authority signs Memorandums of Understanding on Fintech Co-operation with the China Banking and Insurance Regulatory Commission and the Monetary Authority of Macao

Insurance Authority signs Memorandums of Understanding on Fintech Co-operation with the China Banking and Insurance Regulatory Commission and the Monetary Authority of Macao

1 September 2021


The Insurance Authority (IA) today (1 September 2021) entered into Memorandums of Understanding (MoUs) on Fintech Co-operation with the China Banking and Insurance Regulatory Commission (CBIRC) and the Monetary Authority of Macao (AMCM) respectively, under which the three regulators will step up their collaboration on innovation in financial services and consider organising joint innovation projects on the application of novel financial technologies.

“These MoUs herald deepened co-operation between Hong Kong, the Mainland and Macao on innovation and technology, injecting momentum into the process of enhancing financial connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area. The end result is improved mobility of people and capital that will confer benefit on a wide range of trades and professions,” said Mr Clement Cheung, Chief Executive Officer of the IA.

Mr Zhou Liang, Vice Chairman of the CBIRC, said, “In recent years, as the rapid development of digital economy has enabled the profound integration of finance and technology in Mainland China, the continuous digital transformation of China’s financial sector has better satisfied the financial needs of businesses and individuals. Fintech has played a significant role in fighting against COVID-19, supporting targeted poverty alleviation, stimulating growth, and improving people’s well-being. The MoU on Fintech co-operation signed between the CBIRC and the Insurance Authority will surely help prevent cross-border insurance risks contagion between the Mainland and Hong Kong, and jointly create an open, inclusive and safe Fintech ecosystem.”

Mr Wilson Vong, Executive Director of the AMCM, said, “Insurtech will definitely lead to more challenges in the insurance industry in coming future. The MoU on Fintech co-operation signed between AMCM and Insurance Authority will embark on a new era of regulatory collaboration. By sharing innovative initiatives and exchanging information, policyholders of Hong Kong SAR and Macao SAR can enjoy more customised client experience while consumer rights can be further protected.”

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