UK, Canada sign fintech startup deal
The Financial Conduct Authority (FCA) in the UK has formed an agreement with the Ontario Securities Commission (OSC).
The deal is designed to simplify the process for fintech startups from one market to access that of the other.
As part of this bond, the FCA and OSC will collaborate by sharing information on regulatory issues, as well as information on emerging trends in the market.
The FCA set up an innovation hub in 2014 with the intention of supporting new firms in the process of managing complex regulation areas. This comparatively early implementation is indicative of an interest in getting London ahead on fintech.
OSC has reflected a similar energy to gain a forefront position for Toronto in financial technology, with the introduction of their own platform to support fintech startups called ‘LaunchPad’.
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