The Securities and Futures Commission of Hong Kong (SFC) has signed a pact with the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) to boost cooperation in the fintech space.
Under the agreement, the SFC and the FSRA will refer innovative firms looking for opportunities to foray into one another’s markets.
The two regulators will also collaborate on information exchange, and explore potential joint innovation projects.
SFC deputy CEO and executive director of intermediaries Julia Leung 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.”
FSRA director of international affairs Philippe Richard added: “This cooperation further deepens the ongoing partnership and collaboration between Hong Kong and Abu Dhabi, and augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and the South Asia region.
“We look forward to working closely with the Hong Kong SFC to support our Fintech start-ups and our innovative businesses, from regulations to adoption, in advancing and applying their solutions to each of our respective financial markets.”
The latest pact comes after the launch of the SFC’s Fintech Contact Point and the FSRA’s Regulatory Laboratory in March 2016 and November 2016, respectively.
SFC has signed similar agreements with various other regulators in the recent times. In February 2018, the Hong Kong watchdog signed a fintech agreement with the Swiss Financial Market Supervisory Authority (FINMA).
In August 2017, SFC signed a fintech pact with the Dubai Financial Services Authority (DFSA), followed by a similar agreement with the Securities Commission Malaysia next month.