The regulatory authorities of Hong Kong and UK sign Fintech cooperation agreement
The Securities and Futures Commission (SFC) today entered into a cooperation agreement with the UK Financial Conduct Authority (FCA) to foster collaboration in support of financial technology (Fintech) innovation (Note 1).
Under the agreement, the SFC and the FCA will cooperate on information sharing and referrals of innovative firms seeking to enter one another’s markets.
“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,” said Mr Ashley Alder, the SFC’s Chief Executive Officer.
“Cooperation agreements are absolutely vital in fostering an environment of Fintech innovation on a global scale,” said Christopher Woolard, Executive Director of Strategy and Competition at the FCA. “We want to build a common understanding of the principles of good innovation and we look forward to working closely with the SFC.”
The agreement follows the creation of the FCA’s Innovation Hub in 2014 (Note 2) and the SFC’s Fintech Contact Point in 2016 (Note 3).
- The cooperation agreement is posted on the SFC website.
- In October 2014, the FCA launched its Innovation Hub to encourage innovation in financial services by supporting innovator businesses with a range of services. The work of the FCA’s Innovation Hub is closely tied to the FCA’s objective of promoting effective competition in the interest of consumers.
- The SFC established its Fintech Contact Point in March 2016 to enhance communication with businesses involved in the development and application of financial technology in Hong Kong, to facilitate the Fintech community’s understanding of the current regulatory regime and to enable the SFC to stay abreast of the development of Fintech.
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