Hong Kong and British regulators partner on fintech

The Financial Conduct Authority and Hong Kong’s Securities and Futures Commission have signed an agreement with the UK’s financial regulator to promote fintech collaboration and innovation within the nations.

The Financial Conduct Authority (FCA) and Hong Kong’s Securities and Futures Commission (SFC) are working with the UK’s financial regulator on information sharing and referring, seeking to enter each other’s markets under the terms of a new collaboration agreement.

FCA executive director of strategy and competition, Christopher Woolard, said the regulatory authorities would assist the two nations from separate fintech ecosystems to better understand foreign marketplaces.

“Cooperation agreements are absolutely vital in fostering an environment of fintech innovation on a global scale,” he said.

“Working with other regulators internationally, we want to build a common understanding of the principles of good innovation.”

The partnership venture comes off the back of recent collaborative agreements between the FCA and colleagues in Japan, China and Canada, as well as with the Hong Kong Monetary Authority (HKMA).

SFC chief executive, Ashley Alder, said the partnership would pave the way for clearer understanding between Hong Kong’s domestic fintech players.

“This agreement will help both regulators stay abreast of innovation in financial services while providing innovative fintech firms seeking to develop and grow their businesses internationally with enhanced channels for communicating with regulators,” he said.



Related Stories

Government injects $44.6m to accelerate open banking rollout
Treasurer Scott Morrison will head the development of the CDR with consideration of the Government’... Read More
Australia inks fintech cooperation deal with Dubai
The DFSA-ASIC pact marks the ninth fintech referral agreement secured by the Australian regulator... Read More
ASIC inks fintech cooperation deal with Switzerland
Under the agreement, ASIC and FINMA will exchange fintech-relevant information on regulatory and... Read More
Asia-Pacific rivals secure fintech collaboration pact
The agreement, signed in Hong Kong, will see the traditional rivals collaborate on several key... Read More