Hong Kong’s SFC and Canada’s CSA Sign Fintech Cooperation Agreement

The Securities and Futures Commission (SFC) from Hong Kong and the Canadian Securities Administrators (CSA) had agreed to establish a financial technology, or Fintech, cooperation framework. According to the press release, eight members of the CSA are the participants of the deal arranged by both financial watchdog entities.

The CSA members include the Ontario Securities Commission, Autorité des marchés financiers (Québec), British Columbia Securities Commission, Alberta Securities Commission, Financial and Consumer Affairs Authorities of Saskatchewan, Manitoba Securities Commission, Financial and Consumer Services Commission (New Brunswick), and Nova Scotia Securities Commission. Per the announcement, the partnership seeks to share information regarding their innovation functions, which means “the dedicated function established by an authority to support innovation in financial services in their respective markets.”

“This agreement reflects the SFC‘s continuing focus on strengthening regulatory cooperation with its counterparts and facilitating innovation in financial services. We look forward to working closely with these members of the CSA in sharing experiences and information with a view to supporting innovative firms’ communications with regulators globally,” Ashley Alder, the SFCs Chief Executive Officer, commented on the matter.

Stay tuned!