Hong Kong and UK regulators join forces on fintech
The UK financial services regulator the Financial Conduct Authority (FCA) and the Hong Kong Insurance Authority (IA) have entered into a co-operation agreement in a bid to enhance fintech innovation.
Under the agreement, the FCA and the IA will cooperate on information sharing on innovation and referrals of innovative firms seeking to enter the counterpart’s market, the FCA said in a statement announcing the deal.
“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.”
‘New areas of growth’
John Leung, chief executive of the IA said that 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”.
He added that the IA will consider signing similar cooperation agreements with insurance regulators in other jurisdictions.
As reported, the FCA has concluded similar agreements with the Hong Kong Monetary Authority (in December 2016) and the Securities and Futures Commission (in May 2017), to provide what it calls “a full spectrum of co-operation and assistance” in fintech innovation in the banking, securities and insurance sectors in both the UK and Hong Kong markets.