Two major insurance market regulators, the Hong Kong Insurance Authority (IA) and the UK’s Financial Conduct Authority (FCA), have signed a cooperation agreement to strengthen the two agencies’ ties and further support innovation in the financial technology (fintech) sector.
The agreement enables the IA and the FCA to share information on innovation endeavours, as well as referral of innovative firms seeking to enter their counterpart’s market.
“By working together, regulators help support global innovation in fintech,” said Christopher Woolard, executive director of strategy and competition at the FCA. “We look forward to working closely with the IA to promote innovation and enhance synergy for both markets, which will in turn benefit our consumers and financial industry as a whole.”
John Leung, IA’s chief executive officer, added: “The agreement would foster fintech development in the international arena by assisting fintech firms to explore new areas of growth and business opportunities outside the home jurisdiction. The IA will consider signing similar cooperation agreements with insurance regulators in other jurisdictions.”
Aside from the IA, the FCA also has similar agreements with other Hong Kong financial regulatory agencies, namely the Hong Kong Monetary Authority and the Securities and Futures Commission. These agreements aim to provide a full spectrum of cooperation and assistance in fintech innovation across the banking, securities, and insurance sectors in both the UK and Hong Kong markets.
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