Hong Kong`s Securities and Futures Commission (SFC) has closed an agreement with the UK`s Financial Conduct Authority (FCA) to work in collaboration o
Hong Kong`s Securities and Futures Commission (SFC) has closed an agreement with the UK`s Financial Conduct Authority (FCA) to work in collaboration on FinTech innovation.
Hong Kong`s securities regulator will share information on financial technologies with the United Kingdom`s financial regulator. The aim of the agreement is to foster development and innovation. Furthermore, the two regulators will share referrals of companies seeking to enter the two countries` markets, and thus make it much 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.”, said Mr Ashley Alder, the SFC’s Chief Executive Officer, in an interview with FCA`s official website fca.org.uk.
“Co-operation agreements are absolutely vital in fostering an environment of Fintech innovation on a global scale.”, as Christopher Woolard, Executive Director of Strategy and Competition at the FCA, commented.
“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.”, he added.
The agreement comes after the creation of FCA`s Innovation Hub in 2014 and SFC`s Fintech Contact Point in 2016, as the press release noted.
In the meantime, a financial advisory body has reportedly published a research report that convinces the government to recognize digital currencies and invest in blockchain or distributed ledger technology (DLT). It is done in an effort to catch up with the likes of Singapore in the region, as cryptocoinnews.com wrote earlier in a publication.