Newsletters
The Central Bank of the Republic of Türkiye (CBRT) has signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to strengthen cooperation in financial technologies, according to a statement on Tuesday.
The agreement sets out a framework for collaboration between the innovation functions of the two institutions, opening the way for closer coordination on fintech initiatives, the CBRT stated.
The memorandum is expected to make it easier for the two authorities to share expertise on financial innovation and collaborate on new projects, the central bank said.
Earlier this year, a comprehensive double-taxation agreement signed in September 2024 entered into force following the completion of ratification procedures, marking the first formal tax treaty between Türkiye and Hong Kong.
The agreement is intended to prevent the same income from being taxed in both jurisdictions and provide greater tax certainty for businesses. It will apply to Hong Kong taxes from the 2027/28 tax year and to Turkish taxes from Jan. 1, 2027.
The latest memorandum also comes as Türkiye deepens financial cooperation with both Hong Kong and mainland China, particularly in local-currency settlements and cross-border payment infrastructure, as Ankara looks to diversify trade financing and attract more Asian investment.
In June 2025, the CBRT and the People's Bank of China (PBOC) signed two agreements. Alongside renewing their bilateral currency swap arrangement, the two central banks also signed a memorandum establishing renminbi (RMB) clearing arrangements in Türkiye.
The renewed swap line allows the exchange of up to ₺189 billion ($4 billion or CNY 35 billion) between the two central banks for three years, with an option to extend it, to support bilateral trade settled in local currencies and deepen financial cooperation.
Set as preferred source
Set as preferred source
1 min read
1 min read
