The Financial Conduct Authority (FCA), the UK’s financial regulator, and Hong Kong’s Securities and Futures Commission (SFC) have signed an agreement to promote collaboration in support of financial technology innovation in both territories.
The agreement will allow the FCA and SFC to work together on information sharing and refer innovative companies that are seeking to enter one another’s markets.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “Co-operation agreements are absolutely vital in fostering an environment of fintech innovation on a global scale. In the last few months alone we’ve signed agreements with colleagues in China, Japan, Canada and the Hong Kong Monetary Authority. Working with other regulators internationally, we want to build a common understanding of the principles of good innovation and we look forward to working closely with the SFC.”
The FCA also entered a similar agreement with the Hong Kong Monetary Authority in December 2016. With this latest deal, the FCA will have contact with several key regulatory agencies in Hong Kong, which will prove helpful given the speed and impact of developments in the fintech industry.
“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,” added Ashley Alder, SFC chief executive officer.
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