HONG KONG AND BRAZIL FORM A FINTECH PARTNERSHIP: The Hong Kong Monetary Authority (HKMA) and the Central Bank of Brazil (BCB) have signed a fintech partnership to increase collaboration between the two regulators. Under the partnership, the two parties will aim to encourage and enable innovation across financial services in both markets, and support new fintechs that want to expand into the market of the other party. Hong Kong already boasts fintech agreements with the UK, and Australia, so this latest move will add to its list of partners. However, for Brazil, this is a first, which likely has to do with its fintech industry still being relatively nascent. Forming fintech partnerships with other, more established players may help Brazil’s fintech industry to flourish. Hence, getting insights from Hong Kong could potentially help Brazil to build a more broad fintech industry with time, which will help it to attract more funding from investors. Additionally, we can expect to see Brazil signing more such pacts, as it looks to catapult itself onto the global fintech stage.

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