Abu Dhabi and Hong Kong Further Fintech Collaboration
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 HK-SFC and the FSRA have been active advocates of fintech developments and have set up 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 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.