Hong Kong officials are poised to ink a fintech agreement with wealth hub Switzerland, finews.asia can exclusively report. The move follows a recent agreement with Singapore.
Hong Kong will sign a fintech agreement with Switzerland shortly, Charles Ng from the government-sponsored HK Invest said at a press event on Friday.
Switzerland's finance diplomats and the Hong Kong Monetary Authority, or HKMA have had an ongoing financial dialogue and the move will be a result of that collaboration.
In past cases, financial technology agreements enable the parties to refer fintech businesses to each other for support provided through their respective fintech functions.
Building a Global Network
Fintechs from Hong Kong wishing to operate in the Swiss market will be provided with a simple pathway for engaging with the local regulator and vice versa.
Hong Kong's banking regulator and de facto central bank, recently announced new agreements with Singapore and the city of Shenzhen to encourage further collaboration on fintech development.
Hong Kong already has fintech agreements in place with Australia, Dubai and the U.K. A recent survey indicated greater support was still required for businesses to undertake fintech activities in Hong Kong.
