The FCA has entered into a co-operation agreement with the Hong Kong Monetary Authority (HKMA) to promote innovation in financial services. Under the agreement, the FCA and the HKMA will closely collaborate on a number of initiatives, such as referrals of innovative firms, joint innovation projects, information exchange and experience sharing, to facilitate financial innovation in the UK and Hong Kong. It is also intended that the agreement will reduce the barriers for authorised firms looking to grow to scale overseas and assist non-UK innovators interested in entering the market the FCA oversees. The FCA has already entered into co-operation agreements with international authorities in Australia, Singapore, South Korea and China.