UK & Hong Kong Watchdogs Ink FinTech Cooperation Pact

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Hong Kong’s Securities and Futures Commission (SFC) has signed a cooperation agreement with the UK’s Financial Conduct Authority (FCA) to collaborate over FinTech innovation.

Under the terms of the agreement, Hong Kong’s securities regulator and the United Kingdom financial regulator will share information on financial technologies to foster development and innovation. Notably, the two regulators will also share referrals of firms seeking to enter reach other’s markets, paving the way for easier inroads into their respective markets with less cumbersome regulations.

London is commonly seen as the world’s go-to FinTech hub. Its reputation has been enhanced with a number of FinTech cooperation agreements between the FCA and regulators in other countries.

“Co-operation agreements are absolutely vital in fostering an environment of Fintech innovation on a global scale,” stated FCA strategy and competition director Christopher Woolard.

In December 2016, the FCA entered a FinTech agreement with the Hong Kong Monetary Authority (HKMA), Hong Kong’s primary financial regulator toward mutual development

Read more ... source: CryptoCoinsNews

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