Hong Kong’s Securities and Futures Commission (SFC) and the Swiss Financial Market Supervisory Authority (FINMA) have inked an agreement to bolster ties in the fintech space.
Under the agreement, the two watchdogs will refer fintech businesses looking to foray into each other’s markets.
At the same time, the regulators will also exchange information on emerging fintech trends and regulatory issues, and organisations promoting fintech innovation.
SFC CEO Ashley Alder said: “This agreement with the FINMA strengthens cooperation between our two markets. It will help both regulators keep abreast of innovation in financial services while providing innovative Fintech firms seeking to develop and grow their businesses internationally enhanced channels for communicating with regulators.”
SFC has signed similar fintech cooperation agreements with other regulators in the recent times. In June 2017, SFC signed a fintech agreement with Australian Securities & Investments Commission (ASIC). It also strengthened fintech ties with UK’s Financial Conduct Authority (FCA) in July of last year.
In August 2017, the Hong Kong regulator signed a fintech pact with the Dubai Financial Services Authority (DFSA), followed by a similar agreement with the Securities Commission Malaysia next month.