Two best and major Insurance regulator of the world has Signed a corporation agreement to strengthen the two sector’s ties and further support innovation in the financial technology (fintech) Sector.
Yes, it’s true we are talking about two major insurance regulator, the Hong Kong Insurance Authority (IA) and the UK’s Financial Conduct Authority (FCA).
The Agreement will help the IA and the FCA to Share the information on innovation endeavors, as we all referral of innovative firms seeking to enter their counterpart’s market.
This is such a great step taken by two countries. By working together, Regulators help support global innovation in fintech,” said Christopher Woolard, executive director of strategy and competition at the FCA. ”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.
John Leung, IA’s Chief executive officer said:
The agreement would foster fintech development in the international arena by assisting fintech firms to explore new areas of growth and business opportunities outside the home jurisdiction. The IA will consider signing similar cooperation agreements with insurance regulators in other jurisdiction
Apart from IA, the FCS also has similar agreements with another Hong Kong Financial regulatory agencies. Name of the Agency is The Hong Kong Monetary Authority and securities and futures commission.
This agreement aims to provide a full spectrum of cooperation across the banking, Securities and insurance sectors in both the UK and Hong Kong Markets.