FCA Signs FinTech Co-operation Agreement with Hong Kong Securities and Futures Commission

FCA Signs FinTech Co-operation Agreement with Hong Kong Securities and Futures Commission
15.05.2017 05:45 am

FCA Signs FinTech Co-operation Agreement with Hong Kong Securities and Futures Commission

Wholesale Banking

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.

“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.

The agreement follows the creation of the FCA’s Innovation Hub in 2014 and the SFC’s Fintech Contact Point in 2016.

Related News

Wethaq Launches First Sukuk on its Market Infrastructure Using SWIFT gpi Link

Wethaq announced that it has issued the first pilot Sukuk on its securities market infrastructure for the Islamic capital markets under the supervision of the Dubai Financial... Read more »

Capitolis Raises $40 Million

Capitolis, a 'next generation' provider of capital markets technology founded by Gil Mandelzis, ex-Traiana, and Icap, Tom Glocer, ex-CEO of Thomson Reuters, and Igor... Read more »

Standard Chartered Invests in Regtech Startup Silent Eight

Standard Chartered’s innovation, fintech and ventures unit, SC Ventures, has participated in a Series A funding round for regtech Silent Eight.

The AI-powered anti-money... Read more »

Santander Cash Nexus Comes to North America

Santander Bank today unveiled its global Santander Cash Nexus solution for Commercial Banking and Corporate and Investment Banking clients in North America.

This new... Read more »

PayQwick Appoints Bob Craig as Chief Operating Officer and Expands Leadership Team

PayQwick, a financial services company which delivers comprehensive banking and treasury solutions to emerging businesses, is pleased to announce several new additions to its... Read more »

Standard Chartered to offer domestic cash management services in Europe

Standard Chartered will offer clients an extensive range of cash management services out of London and Frankfurt covering the UK and Eurozone countries, following investment in... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel