UK's FCA inks fintech pact with Hong Kong's SFC

The UK’s Financial Conduct Authority signs agreement with Hong Kong’s Securities and Futures Commission to to enhance fintech collaboration

UK's FCA inks fintech pact with Hong Kong's SFC

The UK’s Financial Conduct Authority (FCA) has signed a co-operation agreement with Hong Kong’s Securities and Futures Commission (SFC) to enhance collaboration in the fintech space.

The agreement will allow the two regulators to exchange information and refer innovative startups looking to foray into one another’s markets.

FCA executive director of strategy and competition Christopher Woolard said: “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.”

SFC CEO Ashley Alder added: “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.”

In December 2016, FCA inked a fintech agreement with the Hong Kong Monetary Authority. Earlier last year, the UK watchdog also signed similar agreements with the Financial Services Agency of Japan (JFSA), Ontario Securities Commission (OSC), People’s Bank of China (PBOC).