The governments of the Hong Kong Special Administrative Region and United Kingdom have entered a Fintech Bridge agreement last Wednesday (20 September 2017).
Covering government-to-government, regulator-to-regulator and industry-to-industry co-operation, the agreement will provide a solid framework for fintech firms in both countries. Such firms will be given access to the facilities and assistance provided in each country to explore new business opportunities there.
"With strengthened co-operation with the UK in FinTech development and promotion, we hope to see Hong Kong's home-grown FinTech firms grow and expand their business to the UK," said James Lau, secretary for Financial Services and the Treasury of Hong Kong.
He added: "We also welcome UK FinTech firms to establish presence in Hong Kong and to use Hong Kong as a gateway to tap into the Mainland and Asian markets."
The Hong Kong - UK FinTech Bridge agreement was signed in London by the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Shirley Lam, and the Director General for Financial Services of the UK Katharine Braddick.
Besides the UK, Hong Kong recently signed fintech cooperation agreements with the Australian Securities and Investments Commission and Dubai Financial Services Authority to foster the development of fintech.
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