The Financial Conduct Authority (FCA) today entered into a co-operation agreement with the Securities and Futures Commission (SFC) in Hong Kong to foster collaboration in support of financial technology (Fintech) innovation.
Under the agreement, the FCA and SFC will co-operate on information sharing and referrals of innovative firms 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.”
Having signed a similar agreement with the Hong Kong Monetary Authority in December 2016, today’s announcement means that the FCA now has agreements with a number of key regulators in Hong Kong, which will be important given the breadth and speed in development of the Fintech sector.
Mr Ashley Alder, the SFC’s Chief Executive Officer, said:
“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,”
The agreement follows the creation of the FCA’s Innovation Hub in 2014 and the SFC’s Fintech Contact Point in 2016.
- Co-operation agreement.
- The SFC established its Fintech Contact Point (external link) 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.