UK and Hong Kong watchdogs team up for FinTech

FCA’s latest FinTech pact was signed in London this week.

The UK’s Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) have entered into an agreement to collaborate on promoting financial innovation.

The agreement will see both regulatory bodies work together on several innovation initiatives, experience and information sharing to support innovative firms in both regions.

For the UK’s FCA, this represents the fifth such agreement with other authorities, including Australia, Singapore, South Korea and China.

The HKMA said the agreement is a key initiative of its FinTech Facilitation Office and presents opportunities for FinTech firms to build on their services and expand their business operations.

Christopher Woolard, director of strategy and competition at the FCA, added: “Alongside promoting innovation in UK businesses, we also want to see the best firms from around the world coming to the UK.

“The Agreement signed today with the HKMA is a good example of this type of international co-operation and we look forward to working to promote innovation and reduce barriers to entry for firms both here in the UK and in Hong Kong."

Both parties officially signed the agreement at the London-Hong Kong Financial Services Forum this week.