Story image

Australia and Hong Kong strengthen 70 year FinTech relationship with MoU

08 Feb 18

Fintech Australia is taking steps to strengthen its ties with the FinTech industry in Hong Kong.

Fintech Australia has signed a memorandum of understanding (MoU) with the FinTech Association of Hong Kong (FTAHK) to lift support for businesses seeking investment, partnerships and expansion into each other’s markets.

The two countries already have a close trade and investment relationship that goes back over 70 years; Hong Kong is already Australia's seventh most important destination for services exports, valued at AUD$2.4bn in 2016.

The MoU follows a fintech cooperation agreement signed in July 2017 between the Hong Kong Securities and Futures Commission and the Australian Securities and Investments Commission. The aim of the agreement was to establish a framework to support and understand financial innovation in each market.

With the signing on the MoU this week, 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, comments, “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.” 

FinTech Australia CEO Danielle Szetho adds, “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.”

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.

Three ways to achieve data security whilst enabling BYOD
"A mobility strategy is now more important than ever before, that said, selecting the right one is often no small task."
Mobile Infrastructure market sees fastest growth since 2014
The report from Dell’Oro shows that while the vendor rankings for the top three vendors remained unchanged with Huawei, Ericsson, and Nokia leading.
HPE unveils AI-driven operations for ProLiant, Synergy and Apollo servers
With global learning and predictive analytics capabilities based on real-world operational data, HPE InfoSight supposedly drives down operating costs.
How IoT and hybrid cloud will change in 2019
"Traditional VPN software solutions are obsolete for the new IT reality of hybrid and multi-cloud."
Enterprises to begin closing their data centres
Dan Hushon predicts next year companies will begin bidding farewell (if they haven't already) to their onsite data centres.
Citrix acquires micro app platform Sapho
Sapho’s micro applications improve employee productivity by consolidating access to tools, activities and tasks in a simple and unified work feed.
HPE expands AI-driven operations
HPE InfoSight extends select predictive analytics and recommendation capabilities to HPE servers, enabling smarter, self-monitoring infrastructure.
Dimension Data nabs three Cisco partner awards
Cisco announced the awards, including APJ Partner of the Year, at a global awards reception during its annual partner conference.