The Securities and Futures Commission of Hong Kong (SFC), announced today that the regulatory authority has signed an agreement with the Israeli Securities Authority (ISA) to cooperate on financial technology solutions.
According to the official press release, the new agreement will enable SFC and ISA to share knowledge regarding the innovative fintech market. The release added that both regulatory authorities will refer fintech firms interested to enter one another’s markets.
The new deal provides an opportunity for innovative financial technology companies from both sides to establish joint-ventures. The signed agreement is available on the website of SFC from today.
Commenting on the partnership, Ashley Alder, Chief Executive Officer at SFC, said: “This agreement underscores the SFC’s continued efforts to strengthen regulatory cooperation with counterparts and to keep abreast of innovation in financial services. We look forward to working closely with the ISA to provide innovative firms seeking to develop and grow their business with internationally enhanced channels for communication with regulators.”
SFC’s Fintech contact point was established in March 2016 to help companies involved in the application of innovative fintech solutions in Hong Kong.
The Start-Up Nation
Israel is one of the hotspots for global fintech companies across the world. The ISA looks set to strengthen that image with the new agreement in order to attract innovative companies from Asia. “Israel, as a start-up nation, therefore naturally aspires to allow the companies that are founded and grow here the regulatory infrastructure and environment that supports the development of Fintech innovation. We have set innovation as our strategic goal. The agreement with the SFC is an additional milestone of our fruitful cooperation and is another step that will provide the ISA and many Israeli companies with a broad international perspective on the latest trends and opportunities that will support Fintech growth in Israel and worldwide,” Anat Guetta, Chairwoman of the ISA said in a statement.