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

ChartIQ Updates Desktop Integration Platform

ChartIQ, a financial technology company that delivers software to help the finance world work smarter, today introduced Finsemble 4.0, the latest release of the company’s... Read more »

AcadiaSoft and Clarus Team on Initial Margin Analytics Service

AcadiaSoft Inc., the leading industry provider of risk and collateral management services for the non-cleared derivatives community, today announced it will launch a joint... Read more »

Penta Offers Founder Package For Easy Company Creation

German business banking platform Penta has opened a one-stop shop for entrepreneurs to get their business propositions off the ground, co-operating with legal network... Read more »

Tencent and DST Global Pump $115 Million into Qonto

French neobank Qonto has raised $115 million in Series C funding from Tencent and DST Global to double down on existing markets, develop new features to tailor its products to... Read more »

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 »

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