Hong Kong teams up with Dubai to promote fintech innovation
Move comes as competition heats up between international financial hubs to lead fintech innovation
Hong Kong’s securities watchdog has teamed up with its counterpart in Dubai to promote innovation in the field of financial technology.
The Securities and Futures Commission said on Monday it has entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework for the two regulators to help each other develop the fintech industry. Finance companies are increasingly using technology and big data to help reduce costs and provide better services to customers.
The two regulators will work together on information sharing, innovation projects and referrals of fintech firms seeking to enter one another’s markets.
“This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services,” said Ashley Alder, chief executive of the SFC.
“We look forward to working closely with the Dubai Financial Services Authority to support fintech development in both our markets.”
Ian Johnston, chief executive of the DFSA, said: “This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.”
Both cities have been keen to enhance their oversight and development of fintech as competition between financial centres such as London, New York and Singapore to dominate the sector intensifies.