The central banks of Thailand and Hong Kong have signed an agreement for cooperation in the field of financial technology (fintech), including on a joint research project to develop a central bank digital currency (CBDC).
In the article by Regulation Asia, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT) are to collaborate on the referral of innovative businesses information and experience sharing, and joint innovation projects.
HKMA’s Project LionRock was done in collaboration with the three Hong Kong banks issuing bank notes; the Hong Kong Interbank Clearing Limited; and the R3 consortium, an enterprise-focused startup, to develop a better understanding of the feasibility, implications, benefits and challenges of implementing a CBDC on a distributed ledger technology platform.
For Thailand, the central bank had started on Project Inthanon along with R3 and eight other banks to develop and test a proof-of-concept for CBDC use in domestic wholesale funds transfer.
Referring to its Project LionRock and BoT’s Project Inthanon, HKMA stated:
“One potential collaboration under consideration by the two authorities is a joint research project on a CBDC, to which the two authorities may apply the knowledge and experience they gained from their respective CBDC research studies.”
BoT’s governor Veerathai Santiprabhob 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.”
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