The end of March was commemorated by the signing of the world’s first financial Technology Cooperation Agreement. During recent years Financial technology sector has been rapidly gaining popularity all over the world, therefore, aiming to be Fintech pioneers, Gibraltar and Hong Kong were the first ones to enter into an official agreement regarding the development of this sector, thus making this day especially remarkable for the whole Fintech community.

Responsible regulators of both jurisdictions, The Gibraltar Financial Services Commission and the Hong Kong Insurance Authority, officially pledged to cooperate and share information, experience and developing innovations in this sector.

Official representative of The Gibraltar Financial Service Commission highlighted that Gibraltar government was the first one to develop a legal regulation for the distributed ledger technology (DLT), which is the foundation of most Fintech projects. As of now authorities of both countries will be able to start working together on implementing innovations in this sector.

Both participants of the above mentioned agreement are excited to broaden their scope of work. The signing of this document is the next step in creating a working legal framework for the business. Last months were a breakthrough in financial technology sector for both Gibraltar and Hong Kong. This means that international companies willing to work with DLT should thoroughly consider territories where they wish to work. That being said, Offshorelicense Ltd consultants encourage you to pay attention to these offshore areas.