26 Feb 2018
The Securities and Futures Commission (SFC) entered into an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to establish a framework for cooperation on financial technology (Fintech) (Note 1).
Under the agreement, the SFC and FINMA will cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets.
"This agreement with the FINMA strengthens cooperation between our two markets," said Mr Ashley Alder, the SFC’s Chief Executive Officer. "It will help both regulators keep abreast of innovation in financial services while providing innovative Fintech firms seeking to develop and grow their businesses internationally enhanced channels for communicating with regulators."
The agreement follows the creation of the SFC’s Fintech Contact Point in 2016 (Note 2) and FINMA’s Fintech Desk in 2015 (Note 3).
- The cooperation agreement, which came into effect on 23 February 2018, is posted on the SFC website.
- The SFC established its Fintech Contact Point in March 2016 to enhance communication with businesses involved in the development and application of financial technology in Hong Kong, to facilitate the Fintech community's understanding of the current regulatory regime and to enable the SFC to stay abreast of the development of Fintech.
- FINMA established its FinTech Desk as a single point of contact for Innovator Businesses in 2015. The FinTech Desk provides assistance for Innovator Businesses in understanding the Swiss regulatory framework and in establishing whether their business model requires Authorization. The FinTech Desk provides a dedicated contact person for Innovator Businesses (whether domiciled in Switzerland or abroad) during the pre-Authorization or Authorization process or both.