UK And Hong Kong Watchdogs To Join Forces

UK And Hong Kong Watchdogs To Join Forces

Hong Kong`s Securities and Futures Commission (SFC) has closed a cooperation deal with the UK`s Financial Conduct Authority (FCA) to work jointly on F

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Hong Kong`s Securities and Futures Commission (SFC) has closed a cooperation deal with the UK`s Financial Conduct Authority (FCA) to work jointly on FinTech innovation.

The agreement foresees that Hong Kong`s securities regulator and the United Kingdom`s financial regulator will share information on financial technologies to promote development and innovation in the two countries. Furthermore, it should be noted that the regulators will share referrals of companies seeking to enter the respective markets and make it easier for them to do so.

“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.”, explained Mr Ashley Alder, the SFC’s Chief Executive Officer as quoted by a press release on fca.org.uk.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA, has also commented on the newly established collaboration between the UK and Hong Kong:

“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.”

While Hong Kong`s regulators try to establish closer ties with their English counterparts, a financial advisory body has recently published a research urging the government to invest in blockchain in Hong Kong, as reported earlier by the online media.

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