FCA and HKMA collaborate on innovation 12 December 2016London Reporter: Stephanie Palmer
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The UK’s Financial Conduct Authority (FCA) has entered into a cooperation agreement with the Hong Kong Monetary Authority (HKMA) to collaborate on promoting financial innovation.
The two regulatory bodies will work together on initiatives including referral of innovative firms, joint innovation projects, and sharing of information and experiences.
Through the partnership, they intend to reduce barriers for FCA-authorised firms looking to expand overseas, and to help non-UK investors to enter the UK market.
Signed at the London-Hong Kong Financial Services Forum in London last week, the agreement is the fifth of its kind for the FCA. The UK regulator already has similar agreements in place with authorities in Australia, Singapore, South Korea and China.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “Alongside promoting innovation in UK businesses, we also want to see the best firms from around the world coming to the UK. Both consumers and the wider UK economy benefit from this transfer of ideas and innovation.”
“The agreement signed today with the HKMA is a good example of this type of international cooperation 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."
Shu-Pui Li, executive director for financial infrastructure at HKMA, said: “Both Hong Kong and the UK are well positioned as global financial centres and premier locations for financial innovation. Many fintech firms and financial institutions in the two markets have already gained a solid local footing.”
“Collaboration between the HKMA and the FCA will create significant synergy for the two markets by enabling fintech firms and financial institutions to extend their global reach and learn from their foreign counterparts. It will also help to enhance services delivered by financial institutions.”
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