Financial regulators from Japan and the UK discuss their collaboration regarding financial technology. Last week the UK`s Financial Conduct Authori
Financial regulators from Japan and the UK discuss their collaboration regarding financial technology.
Last week the UK`s Financial Conduct Authority (FCA) and the Financial Services Agency of Japan (JFSA) agreed on the Exchange of Letters (EoL) that will establish a framework for cooperation and referrals between the two countries.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, stated as quoted by the FCA`s press release:
“We are committed to encouraging innovation that has the potential to be of benefit to consumers using financial services here in the UK. Today’s Exchange of Letters with the JFSA will help break down barriers to entry both in Japan and in the UK for firms with interesting new business services and products.”
The Exchange of Letters can provide knowledge to UK companies that want to enter the Japanese market and assist non-UK innovators interested in entering the UK market, wrote the publication.
“We are delighted to establish this Co-operation Framework with the FCA. This is our first case in creating a pro-FinTech Co-operation Framework with any other countries. UK is one of the world-leading FinTech countries, generating £6.6 billion in revenue. We believe that this Exchange of Letters strengthens the relationship between the JFSA and the FCA and promotes innovation in our respective markets.”, said Shunsuke Shirakawa, the Vice Commissioner for International Affairs at the JFSA, in an interview with fca.org.uk.
The British FCA has joined a number of other international collaborations like the ones with Canada and Hong Kong that took place in March 2017 and December 2016, according to cryptocoinnews.com.