The Securities and Futures Commission (SFC), a Hong Kong regulator, announced today that it has formed a FinTech cooperation agreement with the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). Today’s announcement comes a year after the NFC signed a similar agreement with another Middle Eastern body – the Dubai Financial Services Authority.
The new agreement will see the two regulatory bodies cooperating over a number of different activities. From a regulatory adherence standpoint, the agreement will come in handy as it will increase the level of information exchange between Hong Kong and Abu Dhabi.
More positively, the agreement establishes a line of communication between the two regulators that will focus on joint FinTech projects. It will also mean both organizations can refer firms to the other jurisdiction which, one presumes, will enable those companies to grow into the Hong Kong or Abu Dhabi markets more easily.
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Both firms have already plunged into the FinTech world by launching initiatives and signing a swathe of agreements akin to the one announced today.
In mid-2017, the SFC signed a deal, almost identical to the one announced today, with the UK’s Financial Conduct Authority (FCA). Similarly, the FSRA signed a FinTech agreement with the Swiss Finance + Technology Association in August of last year.
Discussing the implications of today’s announcement, Julia Leung, the SFC’s Deputy Chief Executive Officer and Executive Director of Intermediaries, said: “This agreement reflects the SFC’s continued efforts to collaborate with international regulatory counterparts to promote innovation in financial services. We look forward to sharing our experience with the FSRA on Fintech developments in our markets.”