Hong Kong, Thailand Working Together on Crypto, Fintech

Norman Chan, Chief Executive of the HKMA (left), and Veerathai Santiprabhob, Governor of BOT. Image from hkma.gov.hk.

Hong Kong and Thailand are working hand in hand to develop and promote more innovative cryptocurrency and blockchain projects for the fintech industry.

Both countries’ regulatory agencies—the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT)—have each signed a memorandum of understanding (MoU) to share information, experiences, and referrals regarding the fintech industry and collaborate on joint innovation projects.

One key project the two countries may potentially collaborate on is the issuance of a Central Bank Digital Currency (CBDC).

Both the HKMA and the BoT have worked separately on CBDC in the past—Project Lionrock for the former and Project Inthanon for the latter. Hong Kong and Thailand are expected to apply the extensive knowledge and experience they have built up on the CBDC project.

From ideas to practical solutions

Norman Chan, chief executive of the HKMA and MoU signatory, alluded to Hong Kong’s previous long-term partnerships with Thailand on a number of important financial initiatives and framed the new MoU as a significant step forward.

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,” he said.

BoT governor Veerathai Santiprabhob, who signed the MoU alongside Chan, followed up by saying that the collaboration between the two countries will help turn innovative ideas into practical solutions benefiting the general public.

The synergies from our collaboration will lead to productive outcomes that will benefit us all,” he said. “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.