The Financial Conduct Authority (FCA) has announced it has entered into a cooperation agreement with the Hong Kong Insurance Authority (IA) to enhance collaboration in supporting fintech innovation.
Under the agreement, the FCA and the IA will cooperate by sharing information on innovation, and referrals of innovative firms seeking to enter the counterpart's market.
Christopher Woolard, executive director of strategy and competition at the FCA, said: "By working together, regulators help support global innovation in fintech. 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."
Apart from the cooperation agreement signed with the IA, the FCA has concluded similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission, to provide a full spectrum of cooperation and assistance in fintech innovation in the banking, securities and insurance sectors in both the UK and Hong Kong markets.