What has happened?
The Securities and Futures Commission (SFC) of Hong Kong and the Swiss Financial Market Supervisory Authority (FINMA) have agreed to co-operate on FinTech.
What does this mean?
The two agencies have signed a co-operation agreement, under which they will share information on emerging FinTech trends, developments and related regulatory issues as well as on organisations that promote innovation in financial services.
The agreement also provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets.
"This agreement with the FINMA strengthens co-operation between our two markets," said Ashley Alder, the SFC’s Chief Executive Officer.
"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."
The agreement came into effect on 23 February 2018.
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