Fintech alliance round-up: 25 September 2017
Move closer, move your fintech body real close, until we feel like we’re really making innovation. Our latest super-friendly fintech alliance round-up features Switzerland and Hong Kong; Japan and Abu Dhabi Global Market; and the UAE loving itself.
The State Secretariat for International Financial Matters (SIF) under the Swiss Federal Department of Finance and the Hong Kong Monetary Authority (HKMA) have had a financial dialogue to promote co-operation on financial market issues of common interest. Along with that lovely chat, the Swiss Bankers Association (SBA) and the HKMA had an open seminar for the private sector.
The dialogue aims to enhance official exchanges between the two nations on such matters as RMB internationalisation, wealth management and fintech in general. Representatives from the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank also attended.
Fintech is looking lively in Abu Dhabi with two sweet deals. Firstly, the Financial Services Agency of Japan (JFSA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have buddied up for innovation in financial services in Japan and ADGM. A formal “exchange of letters” ceremony took place in Tokyo to seal the framework.
They will share information on regulatory and relevant economic or commercial developments in each other’s jurisdictions. Richard Teng, CEO of FSRA, ADGM, says: “This is the first fintech collaboration and bridge with our Japanese financial services regulatory counterpart and our fifth with international regulators.”
Under the memorandum of understanding (MoU), ADIB will team with the FSRA across a range of unspecified Shari’ah-compliant initiatives. ADIB and ADGM will also explore and participate in joint innovation projects on the development and application of technologies such as digital and mobile payments, blockchain and distributed ledgers and artificial intelligence (AI). Big on plans, but short on details. So we’ll just have to wait and see what happens.