The Zhitong Finance App learned that on October 2, the Hong Kong Monetary Authority and the Central Bank of Malaysia held a high-level bilateral meeting in Hong Kong. The two central banking institutions exchanged information and experience, and held comprehensive discussions on topics covering macroeconomic and financial development, emerging bank regulatory issues, fintech and payment transformation, as well as promoting capital market connectivity, the use of local currency in the region, and Islamic finance.
The two sides agreed to strengthen bilateral cooperation in the following areas:
Fintech and digital asset innovation
Set up a policy-focused joint working group to promote compliant cross-border stablecoin application scenarios between Hong Kong and Malaysia.
Strengthen cooperation on tokenization and digital currencies, including promoting policy and regulatory exchanges between the two places.
Explore opportunities for collaboration in data-based applications and promote knowledge sharing, including “Business Data Connect” and CargoX, to expand access to trade finance for small and medium-sized enterprises in the two countries.
Cross-border regulatory cooperation
Establish mechanisms to strengthen the resilience of cross-border cyber defenses and fight against fraud and fraud.
Local currency usage and infrastructure interconnection in the region
Jointly promote the wider use of regional currencies in bilateral trade and investment.
Strengthen connectivity between Hong Kong and Malaysia's Instant Payment and Settlement System (RTGS).
Capital market connectivity
Explore the connection between Hong Kong's Central Clearing House for Debt Instruments (CMU) and Malaysia's Instant Funds and Securities Transfer System (RENTAS).
Strengthen cooperation to promote the development and connectivity of Islamic financial markets, including through supporting industry exchanges, talent development, sustainable finance and cross-border investment.
Yu Weiwen, Chief Executive of the Hong Kong Monetary Authority, said, “We are delighted to welcome the Bank of Malaysia delegation to Hong Kong. The high-level meeting marked an important milestone in deepening cooperation between the two institutions to support financial market development and economic growth. Based on the shared vision of both parties, we look forward to promoting cooperation in fintech and digital asset innovation, improving the efficiency of local currency transactions across borders, strengthening market connectivity, and promoting the growth of the Islamic financial market.”