The Israeli Securities Authority (ISA) and the Hong-Kong Securities and Futures Commission (SFC) signed on Tuesday a Memorandum of Understating 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.
The agreement will enable the SFC and 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,” a joint statement said.
The ISA created a FinTech Innovation Hub in July 2018 and has built additional initiatives that aim 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.”
Israel considers 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 its financial services.
“These MOUs also reinforce Israel’s status as an innovative, advanced center of FinTech,” the ISA stated.
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.”