The Financial Conduct Authority, a UK regulatory body, has entered into a co-operation agreement with the Securities and Futures Commission, its equivalent in Hong Kong, in order to foster greater collaboration in support of global financial technology innovation.
The deal will make it easier for fintech firms to enter one another’s respective markets. The FCA and SFC will co-operate on information sharing and referrals involving fintechs so that firms that have been approved in the UK can set up business more easily in Hong Kong and vice versa.
A similar agreement was signed with the Hong Kong Monetary Authority in December 2016, its de facto central bank. This latest deal strengthens the co-operation between the UK and its former colony, and is intended to keep track of the breadth and speed of development in the growing fintech sector. Technology companies are increasingly looking to enter financial services to displace incumbents or collaborate with them in order to offer new services.
Full Content: Finextra
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