The agreement’s aim is to promote and strengthen government-to-government, regulator-to-regulator and industry-to-industry collaboration. Apart from this, the deal could help UK fintech companies establish a presence in Hong Kong and use it as a springboard for expansion into the Chinese mainland and Asian markets.
Officials have met in London to discuss and sign the agreement. The summit also marked the 20 year anniversary of the passing of Hong Kong sovereignty from UK to China.
International bridge agreements of this kind were pitched by Mark Carney, governor of the Bank of England, and Hammond in April as a means of maintaining London’s status as a global fintech hub. In addition to its agreement with Hong Kong, the UK also has bridge deals in place with Australia, Singapore and South Korea.
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