The UK Financial Conduct Authority (FCA) has completed a hat trick of FinTech cooperation agreements with Hong Kong regulators by signing an agreement with the Hong Kong Insurance Authority (IA). This adds to those agreements already signed by the FCA with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (SFC) on which we have blogged in previous posts.
The IA established a FinTech Liaison Team in February 2016 to enhance the communication with business involved in the development and application of FinTech in Hong Kong. The IA FinTech Liaison Team aims to facilitate the FinTech community’s understanding of the current insurance regulatory regime in Hong Kong and act as a platform for exchanging ideas of innovative FinTech initiatives among key stakeholders. The FCA and the IA will refer to each other innovative businesses that would like to operate in the other authority’s jurisdiction. The receiving authority intends to assist the businesses in understanding the regulatory regime under the receiving authority’s remit, and how such regimes may be relevant to them.
The authorities intend to share information about innovations in financial services in their respective markets. This may include, but is not limited to:
- emerging trends and developments;
- regulatory issues pertaining to innovation in financial services; and
- information on organisations or bodies which lead efforts to promote innovation in financial services.