The HKSAR government has entered into a fintech co-operation agreement with its UK counterpart aimed at fostering collaboration between the two companies in promoting financial innovation.
The bridge agreement was signed in London by Special Representative for Hong Kong Economic and Trade Affairs to the European Union Shirley Lam, and Director General for Financial Services of the UK Katharine Braddick.
The event was witnessed by HKSAR chief executive Carrie Lam and secretary for financial services and the treasury James Lau.
The bridge agreement covers government-to-government, regulator-to-regulator and industry-to-industry co-operation.
It is designed to provide a framework for fintech companies on both sides of the ocean to use the facilities and assistance available in the other place to explore new business opportunities.
"The Agreement is a vivid example of the Government's staunch efforts in promoting fintech development and collaboration with other fintech hubs.
“With strengthened co-operation with the UK in FinTech development and promotion, we hope to see Hong Kong's home-grown fintech firms grow and expand their business to the UK. We also welcome UK FinTech firms to establish presence in Hong Kong and to use Hong Kong as a gateway to tap into the Mainland and Asian markets."
As part of his visit to the UK, Lau also visited Accenture's FinTech Innovation Lab and the Royal Bank of Scotland to learn more about the latest developments in the UK fintech scene.
TNG FinTech Group, which is expanding its mobile wallet services to the UK, has welcomed the collaboration agreement.
“As a market leader with very strong presence in key markets in Asia, we are excited to expand our reach and develop our service offerings in the UK,” TNG CEO Alex Kong said.
“This is an ideal time for us to enter into the UK market. The newly established Hong Kong-UK FinTech Bridge gives us the opportunity to roll out future business operations in the UK. We are confident that our initiatives in this sphere will lead to more cross-border FinTech collaboration between the UK and Hong Kong under the [bridge agreement] in the future.”