The heads of the Brazilian central bank and the Hong Kong Monetary Authority (HKMA) have signed an agreement to enhance their co-operation in financial technology, the authority says.

The HKMA issued a written statement saying such co-operation —could encourage and enable innovation in financial services in Brazil and Hong Kong, and support the expansion in Brazil of novel financial businesses from Hong Kong and vice-versa.

The statement quotes Brazilian central bank Governor Ilan Goldfajn as saying:

“This co-operation agreement entails sharing of experiences and best practices, and will enable us to both monitor technological changes in financial markets from a broader perspective and adapt the regulatory environment to innovative business models.”

It quotes HKMA chief executive Norman Chan as saying: “The signing of this agreement signifies the commitment by both sides to further strengthen the collaboration between Hong Kong and Brazil, the largest economy in Latin America, in the development of fintech.”