The U.K.’s Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) have inked a deal to foster collaboration that aims to facilitate financial innovation in both countries and includes joint innovation projects, the sharing information and knowledge, and easing the way for fintech firms to operate globally.
“Both consumers and the wider U.K. economy benefit from this transfer of ideas and innovation,” says Christopher Woolard, executive director of strategy and competition at the FCA, in a statement. “The agreement signed today with the HKMA is a good example of this type of international co-operation and we look forward to working to promote innovation and reduce barriers to entry for firms both here in the U.K. and in Hong Kong.”
“Collaboration between the HKMA and the FCA will create significant synergy for the two markets by enabling fintech firms and financial institutions to extend their global reach and learn from their foreign counterparts,” adds Shu-Pui Li, executive director (financial infrastructure) of the HKMA, in a statement. “It will also help to enhance services delivered by financial institutions.”