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Hong Kong, France Partner to Enhance CBDC Interoperability

The Hong Kong Monetary Authority and the Bank of France are collaborating to improve cross-border and cross-currency payments through their central bank digital currencies.


The Hong Kong Monetary Authority and the Bank of France are collaborating to improve cross-border and cross-currency payments through their central bank digital currencies.
Credit: Foretoken Media 2024

PARIS, France, June 27, 2024 – The Hong Kong Monetary Authority (HKMA) has announced a strategic partnership with the Bank of France to facilitate the interoperability of their wholesale central bank digital currencies (CBDCs).


CBDC Interoperability Cross-Border Payment Improvements


The partnership focuses on optimizing the settlement efficiency of cross-border transactions. The HKMA highlighted the importance of improving cross-border payments through innovative solutions involving the tokenized Hong Kong dollar and the Euro.


The initiative is part of the broader Eurosystem exploratory work to enhance cross-border payment solutions. Furthermore, the partnership aims to explore diverse cross-border payment solutions, promote financial market connectivity, and advance the development of the global tokenization market.


Memorandum of Understanding


In a significant step towards fostering innovation in wholesale central bank digital currency and the tokenization market, the two institutions have recently signed a Memorandum of Understanding (MoU). This MoU signifies their commitment to working together to push forward the evolution of digital currencies and financial technologies.


The collaboration between the HKMA and the Bank of France marks a pivotal moment in the journey towards efficient and innovative cross-border payment solutions. As central banks continue to explore the potential of digital currencies, the partnership stands as a testament to the importance of international cooperation in the financial sector.


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