UK and Canada Regulators Sign Agreement for FinTech Expansion
Regulators in the U.K. and Canada have signed an agreement that will assist FinTech companies, making it easier for them to expand into each other’s markets. In a report from Insurance Journal, the agreement between the U.K. Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) is aimed at helping financial technology firms work with regulations. The FCA and the OSC already have the own FinTech programs in place designed to help startup companies meet the requirements necessary and to test products under their guidance. In November, the FCA announced the first 24....
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Canadian regulators and policy makers need to work together to ensure that the country maintains its FinTech development; however, it also needs to be mindful of maintaining the protection of its customers and banks. That’s according to an organized federal Competition Bureau discussion, reports the Financial Post. Moderated by Carolyn Wilkins, senior deputy governor of the Bank of Canada, those present included the federal Department of Finance, the Ontario Securities Commission, the Financial Consumer Agency of Canada, FINTRAC, and Payments Canada. The federal Competition Bureau is....
The influential financial regulators from Japan and the United Kingdom have ‘exchanged letters’ toward jointly promoting innovation of Fintech or financial technology. The collaboration will also provide guidance and support for FinTech businesses and startups to enter each other’s markets. Announced today, the UK’s Financial Conduct Authority (FCA) and the Financial Services Agency of Japan (FSA) agreed toward the Exchange of Letters (EoL) that will establish a framework for cooperation and referrals between the two countries. Fundamentally, the EoL agreement is designed toward respective....
The Monetary Authority of Singapore (MAS), Singapore’s central bank, has collaborated with yet another Asian country, within days of partnering with an Indian state government over exploring and developing blockchain technology and Fintech. The primary monetary authority in Singapore and the Korean Financial Services Commission (KFSC) – an authority of the same stature in South Korea – will cooperate over Fintech, exploring joint innovation projects with a focus on big data and mobile payments. “This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South....
Interest in blockchain technologies in Canada is growing rapidly as new fintech startups and blockchain ventures are launched and governments indicate they are interested in the possibility of Canada becoming a global fintech/blockchain hub. Even the central Bank of Canada is getting in on the act conducting experiments with blockchain technology and digital currencies. A recent AdvantageBC study said that Canada, particularly the western province of British Columbia, is well positioned with technical expertise and a vibrant fintech ecosystem to lead the world as a global fintech hub of....
The British Financial Conduct Authority (FCA) and its Australian counterpart, Australian Securities and Investments Commission (ASIC) have signed the first-of-its-kind agreement whereby innovative Fintech companies in Australia and the United Kingdom will have more support from financial regulators as they attempt to enter the others’ market. Christopher Woolard, director of strategy and competition at the FCA, said: Innovation in financial services isn’t limited by national borders… We also know that many British firms wish to use the UK as a springboard to launch their businesses or....