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FCA Partners with SFC to Champion Financial Development

The Financial Conduct Authority (FCA) and the Securities Futures Commission (SFC) have officially signed a collaboration agreement that will see the two financial institutions working together to promote financial development.

UK’s FCA and Hong Kong’s SFC will join forces in creating projects, initiatives, and research that will all focus on financial innovation. The sectors of securities, exchanges, and banks from both firm’s jurisdiction will be the benefactors of this partnership. In addition, the FCA and SFC will be allowed to exchange and share data on financial services development.

Furthermore, the regulators will be able to lessen restrictions when dealing with each other. It is expected that the financial sector of both countries will grow rapidly by collaborating with international bodies.

FCA’s Executive Director of Strategy and Competition, Christopher Woolard expressed his enthusiasm with the financial regulator’s cooperative efforts. He said, “Cooperation agreements are absolutely vital in fostering an environment of Fintech innovation on a global scale. In the last few months alone we’ve signed agreements with colleagues in China, Japan, Canada and the Hong Kong Monetary Authority. Working with other regulators internationally, we want to build a common understanding of the principles of good innovation and we look forward to working closely with the SFC.”

Meanwhile, the Chief Executive Officer of the SFC, Ashley Alder commented on the agreement saying that it is indeed a financial innovation. He stated, “This agreement will help both regulators stay abreast of innovation in financial services while providing innovative Fintech firms seeking to develop and grow their businesses internationally with enhanced channels for communicating with regulators.”

This is not FCA’s first collaboration with an international financial body. The UK regulator recently initiated partnerships with other overseas authorities from countries such as Australia, China, Korea, and Singapore. This reaching out is part of FCA’s mission to create a financial service market that has a worldwide reach.

 

Created by : Patricia
Published : 04 May 2017

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