The settlement establishes a framework for data sharing, potential joint innovation tasks and referrals of progressive companies searching for to enter each other’s markets.
Hong Kong’s SFC (Securities and Futures Fee) has entered right into a cooperation settlement with the ISA (Israel Securities Authority) to determine a framework for cooperation on fintech.
The cooperation settlement, signed on Tuesday (17 November), establishes a framework for the SFC and ISA to cooperate on data sharing, potential joint innovation tasks and referrals of progressive companies searching for to enter each other’s markets.
“This agreement underscores the SFC’s continued efforts to strengthen regulatory cooperation with counterparts and to keep abreast of innovation in financial services,” stated SFC chief Ashley Alder.
“We look forward to working closely with the ISA to provide innovative firms seeking to develop and grow their business with internationally enhanced channels for communication with regulators.”
The settlement follows the launch of the SFC’s Fintech Contact Level in March 2016 and the ISA’s Fintech Innovation Hub in July 2018.
The SFC’s Fintech Contact Level was established to reinforce communication with companies concerned within the improvement and software of fintech in Hong Kong, to facilitate the fintech group’s understanding of the present regulatory regime, and to allow the SFC to remain abreast of the fintech improvement in Hong Kong.
The ISA’s Fintech Innovation Hub was equally established to advertise frequent discourse between the regulator and related gamers within the discipline of fintech, as a part of efforts to allow innovation in monetary providers.