The U.K. Financial Conduct Authority (FCA) and Hong Kong’s Securities and Futures Commission (SFC) announced on Friday that they have signed an agreement to enhance co-operation to support financial technology (fintech) innovation.
Under the agreement, the FCA and SFC will share information and refer innovative firms to each other to help the firms enter one another’s markets.
Earlier this year, the FCA signed a similar deal with the Ontario Securities Commission (OSC). Over the past couple of years, the U.K. regulator has also entered these kinds of arrangements with the Australian Securities and Investments Commission (ASIC), Japan’s Financial Services Agency (FSA), and the Hong Kong Monetary Authority. The OSC has also signed its own agreement with the ASIC.
“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,” says Christopher Woolard, executive director of strategy and competition, FCA.
“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 adds.
“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,” says Ashley Alder, CEO, SFC.