Hong Kong and Swiss Regulators Sign Fintech Cooperation Agreement

The Hong Kong Securities and Futures Commission (SFC) said today it has singed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to work on meeting regulatory challenges in the rapidly-growing financial technology space.

Per the agreement, the SFC and FINMA will share information on emerging Fintech trends and technologies that "have the potential to supplement or disrupt the financial services industry."

Additionally, the new deal opens up bilateral mechanism for referrals of Fintech firms seeking to operate in the jurisdiction of the SFC and/or FINMA.

Ashley Alder, Chief Executive Officer the SFC, had this to say:
"It will help both regulators keep abreast of innovation in financial services while providing innovative Fintech firms seeking to develop and grow their businesses internationally enhanced channels for communicating with regulators."

In related news, UK's Financial Conduct Authority signed a similar agreement last week with the US Commodity Futures Trading Commission.