Source: FinTech Australia
The FinTech Association of Hong Kong (FTAHK) and FinTech Australia have signed a memorandum of understanding to strengthen the ties between each other’s fintech industries and lift support for businesses seeking investment, partnerships and expansion into each other’s markets.
Australia and Hong Kong have enjoyed a close trade and investment relationship that extends back over 70 years. Hong Kong is already Australia's seventh most important destination for services exports, valued at AUD$2.4bn in 2016, and sixth largest source of services imports, valued at AUD$3bn.
Both countries enjoy significant government and regulatory support for their fintech communities. In July 2017, the Hong Kong Securities and Futures Commission and the Australian Securities and Investments Commission signed a fintech co-operation agreement, creating a framework to support and understand financial innovation in each market.
The memorandum of understanding was witnessed by Sam Guthrie, Deputy Consul-General (Commercial) & Senior Trade Commissioner for Hong Kong & Macau, Australian Trade and Investment Commission (Austrade), as well as by Marc Entwistle, FTAHK Board Member and Co-Chair of Partnerships.
FTAHK and FinTech Australia plan to build further industry-to-industry ties by working together to:
• Support businesses seeking investment, partnerships and/or entry into each other’s markets
• Increase investment by VCs into companies in each other’s markets by facilitating connections to investors
• Facilitate connections to banks/insurance firms in each market
• Encourage greater regulatory harmonisation by exchanging information on policy developments
• Collaborate on initiatives such as research to help better understand each other’s markets
Musheer Ahmed, Interim General Manager of FTAHK, said, “Partnerships like this are critical to ensuring the sustained success of the global fintech industry. The ties between Hong Kong and Australia have historically always been strong and we look forward to improving them still further.”
Danielle Szetho, Chief Executive Officer of FinTech Australia, said, “Hong Kong and Australia have highly complementary fintech industries, each with growing Blockchain, RegTech, Data/AI and Cyber Security capabilities. This agreement will build on our strong ongoing relationship as we support each other in helping local participants in both markets. We look forward to working together to ensure the continued success of fintech.”