The Securities and Futures Fee (SFC), a Hong Kong regulator, introduced at this time that it has shaped a FinTech cooperation settlement with the Abu Dhabi International Market (ADGM) Monetary Companies Regulatory Authority (FSRA). Immediately’s announcement comes a yr after the NFC signed an identical settlement with one other Center Japanese physique – the Dubai Monetary Companies Authority.
The brand new settlement will see the 2 regulatory our bodies cooperating over a lot of totally different actions. From a regulatory adherence standpoint, the settlement will come in useful as it should enhance the extent of data alternate between Hong Kong and Abu Dhabi.
Extra positively, the settlement establishes a line of communication between the 2 regulators that may concentrate on joint FinTech tasks. It’ll additionally imply each organizations can refer companies to the opposite jurisdiction which, one presumes, will allow these corporations to develop into the Hong Kong or Abu Dhabi markets extra simply.
Full on FinTech
Each companies have already plunged into the FinTech world by launching initiatives and signing a swathe of agreements akin to the one introduced at this time.
In mid-2017, the SFC signed a deal, nearly an identical to the one introduced at this time, with the UK’s Monetary Conduct Authority (FCA). Equally, the FSRA signed a FinTech settlement with the Swiss Finance + Know-how Affiliation in August of final yr.
Discussing the implications of at this time’s announcement, Julia Leung, the SFC’s Deputy Chief Govt Officer and Govt Director of Intermediaries, mentioned: “This settlement displays the SFC’s continued efforts to collaborate with worldwide regulatory counterparts to advertise innovation in monetary providers. We sit up for sharing our expertise with the FSRA on Fintech developments in our markets.”