UK-Hong Kong FinTech Partnership and Initiatives

UK-HK FinTech Partnership and Initiatives

UK-Hong Kong FinTech Bridge

The UK has entered into a Fintech Bridge agreement with Hong Kong. The bespoke agreement creates valuable opportunities for the UK by overcoming barriers to international market entry and linking UKbased Fintech companies with opportunities in Hong Kong and vice versa. The agreement promotes trade and investment opportunities through: • Collaboration between key players in the

UK and Hong Kong FinTech sectors • Regulatory agreements that support firms to overcome market access barriers in each jurisdiction By sharing knowledge and best-practice with Bridge jurisdictions, and aligning international FinTech policy development, the bridge increases opportunities for FinTech firms to export solutions to key markets at pace.

FCA-HKMA Co-operation Agreement

Under the agreement, the UK’s Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) will give assistance to FinTech companies when they establish overseas operations in the UK and Hong Kong by the regulators. When a referral is received, the FCA and HKMA both intend to provide assistance to the FinTech companies in understanding the regulatory environment that they oversee, they will also explain whether the rules and regulatory schemes may impact the FinTech companies entering the respective markets. The agreement also states that the FCA and HKMA intend to share crucial information about brand new innovations in financial services in the respective markets, such as on emerging trends and regulatory issues concerning to certain innovation. The FCA and HKMA will also look for joint innovation projects on the application of FinTech, sharing expertise and knowledge, and facilitate staff secondments to one another under this agreement.