The Financial Conduct Authority (FCA) has entered into a co-operation agreement with the Hong Kong Insurance Authority (IA) designed to enhance collaboration in supporting Fintech innovation. The FCA explains the agreement includes information sharing and mutual referrals of Fintech firms looking to enter into either market.
The principle role of the IA is to tegulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said that by working together regulators can boost innovations 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,” said Woolard.
John Leung, Chief Executive Officer of the IA, said the agreement would foster Fintech development globally and help Fintech firms expand beyond their home jurisdiction.
“The IA will consider signing similar cooperation agreements with insurance regulators in other jurisdictions,” added Leung.
The FCA has concluded similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission, to provide a full spectrum of co-operation and assistance in Fintech innovation in the banking, securities and insurance sectors in both the UK and Hong Kong markets. The FCA has been at the forefront of establishing bilateral agreements around the world with the intent of aiding cooperation and promoting innovation in financial services.