FCA signs fintech agreement with Hong Kong Insurance Authority

The agreement will see the FCA and the IA co-operate on information sharing on innovation and referrals of innovative firms seeking to enter the counterpart’s market.

“By working together, regulators help support global innovation in fintech," said Christopher Woolard, executive director of strategy and competition at the FCA.

"We look forward to working closely with the IA to promote innovation and enhance synergy for both markets, which will in turn benefit our consumers and financial industry as a whole.”

The FCA has concluded similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission.

These will provide a full spectrum of co-operation and assistance in fintech innovation in the banking, securities and insurance sectors in both the UK and Hong Kong markets.

"The agreement would foster fintech development in the international arena by assisting fintech firms to explore new areas of growth and business opportunities outside the home jurisdiction," said Mr John Leung, CEO of the IA.

“The IA will consider signing similar co-operation agreements with insurance regulators in other jurisdictions.”