The Securities and Futures Commission (SFC) today entered into an agreement with the Securities Commission Malaysia to establish a framework for cooperation on financial technology (Fintech) (Note 1).
The SFC and Securities Commission Malaysia agreed to cooperate on information sharing and referrals of innovative firms seeking to enter one another’s markets.
"Cooperation between regulatory counterparts in the region enables us to keep pace with rapid innovation in financial services," said Mr. Ashley Alder, the SFC’s Chief Executive Officer. "We welcome the opportunity to work closely with Securities Commission Malaysia to support Fintech development in both our markets."
The agreement follows the creation of the SFC’s Fintech Contact Point in 2016 (Note 2) and Securities Commission Malaysia’s Fintech initiative in 2015 (Note 3).
Notes:
- The cooperation agreement is available on the SFC website.
- The SFC established its Fintech Contact Point in March 2016 to enhance communication with businesses involved in the development and application of financial technology in Hong Kong, 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 September 2015, Securities Commission Malaysia launched the "alliance of Fintech community" (aFINity) initiative to engage with the tech entrepreneur community on innovative digital finance business models and technology-related regulatory and policy matters.
