FCA and Hong Kong sign FinTech agreement

The Financial Conduct Authority (FCA) and the Hong Kong Insurance Authority (IA) have entered into a co-operation agreement in an effort to enhance collaboration in supporting FinTech innovation.

Under the agreement, the FCA and the IA will cooperate on information sharing on innovation and referrals of innovative firms seeking to enter the counterpart's market.

Apart from the co-operation agreement signed with the IA, the FCA had concluded similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission, to provide a full spectrum of co-operation and assistance in FinTech innovation in the banking, securities and insurance sectors in both the UK and Hong Kong markets.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “By working together, regulators help support global innovation in Fintech. 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, added: “The agreement would foster FinTech development in the international arena by assisting Fintech firms to explore new areas of growth and business opportunities outside the home jurisdiction. The IA will consider signing similar cooperation agreements with insurance regulators in other jurisdictions.”

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.