The Japan Financial Services Agency (FSA) exchanged Letters for Cooperation Framework on FinTech with the Swiss Financial Market Supervisory Authority (FINMA). The exchange of Letters of Cooperation proposes, without being legally bounding, a framework for future cooperation.
Picture: Japan Financial Services Agency (FSA)
This Cooperation Framework recognises the global nature of innovation in financial services and intends to enhance the sharing of information on the FinTech sector between both countries.
The framework described in the Letters centers on a referral mechanism, to enable referral rom financial innovators by the authorities, as well as a plan to share and use information on innovation in their respective markets. Providing a framework to the cooperation should facilitate the entry, and provision of services, of financial innovators in the other jurisdiction.