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FCA agrees fintech partnership with Hong Kong regulator

Tom Belger | 11:35 Saturday 20th May 2017

The FCA has entered into a co-operation agreement with the Securities and Futures Commission (SFC) in Hong Kong.

Under this new agreement, the FCA and SFC will share information and referrals of innovative firms seeking to enter each other's respective markets.

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

The FCA now has agreements with a number of key regulators in Hong Kong.

“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,” Christopher added.

Ashley Alder, chief executive officer at the SFC, said: “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.”

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