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FCA locks in ‘vital’ fintech partnership

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  • 12/05/2017
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FCA locks in ‘vital’ fintech partnership
The Financial Conduct Authority (FCA) has taken further steps to strengthen ties with regulators in Hong Kong in a bid to cultivate Fintech innovation.

Its latest partnership is with the Securities and Futures Commission (SFC). Under the agreement, the FCA and SFC will co-operate on information sharing and referrals of innovative firms seeking to enter one another’s markets.

The regulator signed a similar agreement with the Hong Kong Monetary Authority in December 2016.

Christopher Woolard, executive director of strategy and competition at the FCA, said co-operation agreements such as this were “absolutely vital” in fostering an environment of Fintech innovation on a global scale.

 

International partnerships

In the last few months the FCA has signed agreements with regulatory counterparts in China, Japan and Canada.

Woolard said: “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.”

The SFC’s chief executive said the agreement would 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.

The agreement follows the creation of the FCA’s Innovation Hub in 2014 and the SFC’s Fintech Contact Point in 2016.

 

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