Hong Kong inks fintech cooperation with Switzerland

It lays out a bilateral mechanism for companies entering one another’s markets.

Hong Kong’s Securities and Futures Commission signed a cooperation agreement with the Swiss Financial Market Supervisory Authority to establish a framework and enhance cooperation on fintech.

According to a press release, the agreement provides for a bilateral mechanism for the referral of innovative fintech firms seeking to enter one another’s markets.

The two economies would also cooperate to share information on emerging trends, developments and issues in the fintech landscape. 

"This agreement with the FINMA strengthens cooperation between our two markets. 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," said SFC CEO Mr Ashley Alder.