HKMA and Bank Negara Malaysia form joint group to advance cross-border stablecoin use

The Hong Kong Monetary Authority and Bank Negara Malaysia recently held a high-level bilateral meeting and agreed to deepen cooperation on financial technology and digital asset innovation. According to a Hong Kong government press release, the two sides will set up a policy-focused joint working group to promote compliant cross-border stablecoin use cases between Hong Kong and Malaysia. They also plan to step up policy and regulatory exchanges on tokenization and digital currencies. In addition, the two authorities will explore cooperation on data applications aimed at expanding access to trade financing for small and medium-sized enterprises. The meeting also produced an agreement to strengthen cross-border supervisory cooperation and work together against fraud. The move puts stablecoins, tokenization, digital currency policy, SME financing access, and anti-fraud coordination into a single bilateral agenda.