SFC Forms FinTech Partnership with Abu Dhabi Regulator
- The announcement comes as regulators across the globe attempt to get a handle on FinTech developments
The Securities and Futures Commission (SFC), a Hong Kong regulator, announced today that it has formed a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.
Full on FinTech
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.”
The Securities and Futures Commission (SFC), a Hong Kong regulator, announced today that it has formed a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.
Full on FinTech
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.”