Hong Kong Insurance Authority (IA) and the UK’s Financial Conduct Authority (FCA) recently signed a cooperation agreement which has evidently encouraged more fintech activities in the Asia territories.
The terms of the agreement provide the FCA and the IA to assist one another in the arena of information sharing, especially with innovation and referrals of innovative firms seeking to enter the market.
Christopher Woolard, executive director of strategy and competition at the FCA, said that regulators would be able to help support global innovation in fintech if they work together, adding that the FCA’s partnership with the IA is expected to promote innovation and improve synergy for both markets, eventually benefiting consumers and the financial industry in general.
John Leung, chief executive officer of the IA, said the cooperation will pave the way for more fintech development in the international arena by looking for more growth areas.
