The Gibraltar Financial Services Commission (GFSC) has entered into its first Fintech co-operation agreement with the Hong Kong Insurance Authority, a move which promotes the sharing of information between the innovation teams of both organisations.
The GFSC is the Gibraltar financial services market’s regulator, and has previously been working with the country’s government and the financial services sector to discuss opportunities within the Fintech world. This includes the establishment of a regulatory framework in the country for the use of Distributed Ledger Technology, effective January 2018.
At the same time, in February 2016 the GFSC set-up its Innovate and Create unit, in an effort to support existing licensees and potential first time entrants into the country’s financial services sector.
Now, the GFSC has sought to further develop its commitment to the Fintech space by signing a co-operation agreement with the Hong Kong Insurance Authority, its first such agreement.
The Chief Executive Officer (CEO) of the GFSC, Samantha Barrass, commented: “The cooperation agreement we have signed with the Hong Kong IA is very exciting for us. One of the GFSC’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 DLT regulatory framework. To be able to share and work together with the Hong Kong IA is an exciting prospect and we look forward to working together.”
John Leung, CEO of the Hong Kong Insurance Authority, added: “The IA is delighted to enter into the Agreement with the GFSC, enabling co-operation and assistance in Fintech innovation for both markets. We believe such agreement will create business opportunities for Fintech firms on a global reach. The IA will continue to seek co-operation with insurance regulators in other jurisdictions to foster the development of Fintech and Insurtech.”
And the Minister for Commerce, Albert Isola, said: “I am very much encouraged to see this cooperation agreement between the GFSC and the Hong Kong IA signed and delivered during our visit. The Gibraltar DLT Working Group have strongly focussed their efforts to bringing the DLT 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 HK last October when we first met with the HK IA to discuss cooperation.”
