The Securities and Futures Commission (SFC) announced that it has entered into an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to establish a framework for cooperation on financial technology (Fintech).
Under the agreement, the SFC and FINMA will cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets.
This agreement with the FINMA strengthens cooperation between our two markets,” said Mr Ashley Alder, the SFC’s Chief Executive Officer. “It will help both regulators keep abreast of innovation in financial services while providing innovative Fintech firms seeking to develop and grow their businesses internationally enhanced channels for communicating with regulators.
The agreement follows the creation of the SFC’s Fintech Contact Point in 2016 and FINMA’s Fintech Desk in 2015.