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.