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Peer2Peer Finance News | October 23, 2017

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FCA signs Hong Kong partnership to support fintech innovation

FCA signs Hong Kong partnership to support fintech innovation
John Fitzsimons

THE FINANCIAL Conduct Authority (FCA) has entered into a “co-operation agreement” with the Hong Kong Insurance Authority (IA), in a move which both parties say will help support innovation among fintech firms.

As part of the agreement, both bodies will share information on innovation and referrals of firms seeking to enter the counterpart’s market.

The FCA has previously concluded similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission.

“By working together, regulators help support global innovation in fintech,” said Christopher Woolard, executive director of strategy and competition at the FCA. “We look forward to working closely with the IA to promote innovation and enhance synergy for both markets, which will in turn benefit our consumers and financial industry as a whole.”

John Leung, chief executive officer of the IA, said that the agreement would “foster fintech development in the international arena” by helping innovative firms explore new areas of growth and business opportunities.

The UK has been embarking on collaborative partnershps with a number of Asian countries to boost fintech co-operation over the past year, including China and Japan.