Gibraltar, Hong Kong Agree Fintech Sector Synergy
by Amanda Banks, Lowtax.net, London
22 March, 2018
The Gibraltar Financial Services Commission has announced the signing of its first ever financial technology (Fintech) cooperation agreement, with the Hong Kong Insurance Authority.
The agreement provides a framework for mutual assistance and information sharing between the innovation teams of the two regulators.
Welcoming the agreement, GFSC CEO Samantha Barrass said: "The cooperation agreement we have signed with the Hong Kong Insurance Authority is very exciting for us. One of the Commission's key focus points is on innovation and the Fintech sector, and we have been working to establish ourselves in this arena, for example by becoming the first jurisdiction to offer a distributed ledger technology regulatory framework. To be able to share and work together with the Hong Kong Insurance Authority is an exciting prospect and we look forward to working together."
Gibraltar's Minister for Commerce, Albert Isola, echoed these sentiments, adding: "I am very much encouraged to see this cooperation agreement between the Commission and the Hong Kong Insurance Authority signed and delivered during our visit [to Hong Kong]. The Gibraltar Distributed Ledger Technology Working Group has strongly focussed its efforts to bring the distributed ledger technology regulatory framework in Gibraltar to life, and working with other authorities is now the next step forward. This is the result of our work in Hong Kong last October when we first met with the Hong Kong Insurance Authority to discuss cooperation."
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