Japan and the UK Ink Fintech Co-operation Agreement
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....
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UK’s Financial Conduct Authority (FCA) has signed today an agreement with the Hong Kong Monetary Authority (HKMA) for reciprocal co-operation between the two markets, especially as it pertains to Fintech companies and financial innovation. Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said: “Alongside promoting innovation in UK businesses, we also want to see the best firms from around the world coming to the UK. Both consumers and the wider UK economy benefit from this transfer of ideas and innovation. The Agreement signed today with the HKMA is a good....
FinTech is growing in Japan, but, unlike the rest of Asia, it’s doing so at a much slower pace. With the Asian market tapping into the industry, Japan is establishing itself as a late adopter, falling significantly behind. According to a report from Brink News, in 2014 Japanese FinTech investments amounted to only 0.4 percent; however, while that figure doubled in 2015, the total amount was just $142 million. And yet, while FinTech is certainly growing in the country, it appears the reason it hasn’t taken off so quickly is due to a strong bank-branch culture. The Data Market has found that....
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has now entered a FinTech partnership with its Japanese counterpart, the Financial Services Agency (FSA). The move sees the two countries to establish a FinTech cooperation framework. Announced yesterday, the financial regulators from the two major Asian economic hubs have fundamentally reduced the barriers for entry of FinTech companies in their countries enter each other’s markets. “Technology and innovation remain key enablers of financial sector growth in Singapore and Japan,” stated MAS....
This week the mining operation Applied Blockchain announced that it is changing its company name to Applied Digital. Furthermore, the mining operation released 2022 financial results and operational updates that noted that the mining firm entered a purchase agreement on August 15 for land in North Dakota. Applied Digital Enters Purchase Agreement on August 15, Groundbreaking Planned for Q3 2022 Another mining company is reporting expansion updates as Applied Digital (formerly Applied Blockchain) has revealed it has entered a purchase agreement on August 15. The deal will add a second....
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....