The Israeli Securities Authority (“ISA”) and the Hong-Kong Securities and Futures Commission (“SFC”) signed today an MoU for collaboration on FinTech issues. The MoU establishes the principles of cooperation and information sharing, with the aim of promoting and cultivating innovation in the financial service sector. This will enable the SFC and the ISA to exchange information on innovation and FinTech trends in their respective markets.
The two regulators intend to support innovative companies in their international development, by helping them to better understand the regulations in each of the two countries and the statutes essential to carry out their activities.
To enable this dialogue with project holders and FinTechs before their development or during the pre-authorization phases, each of the two authorities will rely on its team dedicated to FinTechs and innovation.
The ISA created a FinTech Innovation Hub in July 2018 and has built additional initiatives that aim altogether to create value for the Israeli Fintech market and to promote collaboration and common disclosure between the ISA and relevant players in the FinTech market.
Both authorities consider MOUs with corresponding authorities worldwide as an important step toward expanding cooperation and knowledge sharing, and creating access to regulation for entrepreneurs seeking new global markets for their financial services. These MOUs also reinforce Israel’s status as an innovative, advanced center of FinTech.
Ms. Anat Guetta, Chairwoman of the ISA, announced that, “Israel, as the start-up nation therefore naturally aspire to allow the companies that founded and grow here the regulatory infrastructure and the environment that supports the development of financial technology innovation. We have set innovation as our strategic goal. The agreement with the SFC, is additional milestone of our both fruitful cooperation, 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”.
Mr. Ashley Alder, CEO of the 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.”