The GFSC has signed its first Fintech agreement of cooperation with the Hong Kong IA, which provides a framework for sharing information between the innovation teams of the two bodies, and in which the two can offer the fullest mutual assistance.
As has been noted, the GFSC has worked with the Government of Gibraltar and the financial services industry to consider the opportunities within the Fintech sector, and have established a regulatory framework in Gibraltar for the use of Distributed Ledger Technology (DLT), which came in to effect in January 2018. Additionally, the GFSC established its Innovate and Create Team in February 2016 as part of its commitment to supporting both existing licensees and those looking to take their first steps into the financial services sector.
GFSC CEO, 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.”
Hong Kong IA CEO, John Leung, said: “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.”
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.”
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