Earlier this week, on 7 December 2016, at the London–Hong Kong Financial Services Forum, the Hong Kong Monetary Authority (HKMA) and UK Financial Conduct Authority (FCA) signed an agreement undertaking to collaborate on the promotion of financial innovation in the UK and Hong Kong.
To facilitate this goal, the HKMA and FCA will work together on a number of initiatives, such as the referral of fintech firms, innovation projects and information exchange.
The HKMA said in its press release that the agreement is a ‘key initiative’ of the Fintech Facilitation Office (FFO) of the HKMA.
This is a further step in the HKMA’s commitment to develop fintech in Hong Kong, will enabling fintech firms to expand their global footprint. Both regulatory bodies have indicated that their intention is to reduce the barriers to fintech firms entering each of the Hong Kong and UK fintech markets.
For further information, please see the HKMA press release.