HK and Swiss regulators announce fintech partnership
Hong Kong regulator, the Securities and Futures Commission (SFC), has entered into an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to establish an international framework for cooperation on fintech.
Under the agreement, the SFC and FINMA will cooperate to share information on emerging fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets.
“This agreement with the FINMA strengthens cooperation between our two markets,” said Ashley Alder, the SFC’s CEO. “It will help both regulators keep abreast of innovation in financial services while providing innovative fintech firms seeking to develop and grow their businesses internationally enhanced channels for communicating with regulators.”
The agreement follows the creation of the SFC’s Fintech Contact Point in 2016 and FINMA’s Fintech Desk in 2015.