The Hong Kong Monetary Authority and the UK Financial Conduct Authority have entered into an agreement to foster collaboration between the UK and Hong Kong to promote fintech innovation.

The collaboration agreement between the Hong Kong Monetary Authority (HKMA) and the UK Financial Conduct Authority (FCA) is seeing close collaboration between the two nations on a range of issues across the technology and finance sectors in Hong Kong and the UK.

The agreement was signed in London at the London-Hong Kong Financial Services Forum and in accordance with its terms, the two regulatory authorities would work closely together on initiatives including innovation projects, information exchanges, referral of businesses, and experience sharing.

According to HKMA executive director, Shu-Pui Li, the partnership would see significant opportunities for Hong Kong’s fintech ecosystem and help start-ups from the two nations to develop a foothold in the global marketplace.

“Both Hong Kong and the UK are well positioned as global financial centres and premier locations for financial innovation,” he said.

“Collaboration….will create significant synergy for the two markets by enabling fintech firms and financial institutions to extend their global reach and learn from their foreign counterparts.”

FCA executive director of strategy and competition, Christopher Woolard, said: “We want to see the best firms from around the world coming to the UK; both consumers and the wider UK economy benefit from this transfer of ideas and information.”

“The agreement signed…with the HKMA is a good example of this type of international co-operation and we look forward to working to promote innovation and reduce barriers to entry for firms.”