Abu Dhabi Global Market and the Hong Kong Securities and Futures Commission (HK-SFC) strengthen partnership to advance financial innovation
Source: ADGM , Author: Posted by BI-ME staff
Posted: Thu June 7, 2018 12:16 pm

 
UAE. The Hong Kong Securities and Futures Commission and Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, have entered into a cooperation agreement to jointly promote and support financial services innovation in Hong Kong and the United Arab Emirates (UAE).  

The agreement was signed between Ms Julia Leung, Deputy Chief Executive Officer and Executive Director of Intermediaries of HK-SFC and Mr Philippe Richard, Director of International Affairs of the Financial Services Regulatory Authority (FSRA) of ADGM at the the Annual Conference of the International Organisation of Securities Commissions (IOSCO) held in Budapest.

The HK-SFC and the FSRA have been active advocates of FinTech developments and have set up innovative functions respectively to develop FinTech ecosystems and bolster the financial industries in their respective markets.

This cooperation framework enables both regulators to work closely in identifying and referring appropriate innovative projects and FinTech start-ups to ADGM’s FinTech Regulatory Laboratory (RegLab) and the HK-SFC Fintech Contact Point. 

The new collaboration includes sharing of relevant information on innovation, providing support in the authorisation processes where appropriate, and referring cross-border activities that will accelerate the growth of the financial and FinTech industries in both jurisdictions.
 
“This agreement reflects the SFC’s continued efforts to collaborate with international regulatory counterparts to promote innovation in financial services,” said Ms Julia Leung, the SFC’s Deputy Chief Executive and Executive Director, Intermediaries. “We look forward to sharing our experience with the FSRA on Fintech developments in our markets.”

Mr Philippe Richard, Director of International Affairs of the FSRA of ADGM, said:  “This cooperation further deepens the ongoing partnership and collaboration between Hong-Kong and Abu Dhabi, and augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and the South Asia region. We look forward to working closely with the HK-SFC to support our FinTech start-ups and our innovative businesses, from regulations to adoption, in advancing and applying their solutions to each of our respective Financial Markets”.

As the FinTech Hub in the MENA region, ADGM values the importance of FinTech bridges with like-minded international financial centres and jurisdictions to foster a robust and sustainable global FinTech ecosystem.  These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre to continue serving the communities in Abu Dhabi and the greater MENA region.

About HK-SFC
The HK-SFC established its Fintech Contact Point (FTCP) in March 2016 to enhance communication with businesses involved in the development and application of FinTech in Hong Kong. The purpose of the FTCP is 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 in Hong Kong.

The team works with firms in developing innovative projects to help them navigate the regulatory system, and monitors market developments to identify and propose ways to address emerging regulatory issues. More generally, the HK-SFC Fintech team supports the HK-SFC’s efforts to promote an effective regulatory framework for market participants in Hong-Kong.

ADGM launched its FinTech RegLab in November 2016 to provide a controlled environment for Innovator Businesses to develop and test innovative solutions that promote efficiency and consumer choices in the financial sector, and to support the FSRA in the development of risk-appropriate and effective regulations for such innovation.

About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.  Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.  

ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years, since its inception, for its initiatives and contributions to the financial and capital markets industry in the region.* 

For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM

* Source : The Global Investor Middle East and North Africa (MENA) Awards

 

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