A year after Singapore's regulator and the United Kingdom's Financial Conduct Authority inked an agreement, Hong Kong has now followed suit.
The Securities and Futures Commission (SFC) in Hong Kong has agreed a cooperation with the U.K. Financial Conduct Authority (FCA) to foster collaboration in support of financial technology.
Under the agreement, the SFC and the FCA will cooperate on information sharing and referrals of innovative firms seeking to enter one another’s markets.
«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,» commented Ashley Alder, the SFC’s Chief Executive Officer.
Singapore Winning the Race
The Monetary Authority of Singapore (MAS) and the FCA signed a regulatory cooperation agreement on sharing and using information on financial services innovation in their respective markets one year ago in May 2016in May 2016.
Most observers agree that Singapore's pro-active embrace of financial technology, led in part by the MAS, and purpose built hubs such as LATTICE80, has enabled it to edge ahead of its northern neighbour.
