InvestHK and Crypto Valley Association Sign Memorandum of Understanding to Promote Fintech Collaboration between Hong Kong and Switzerland –

Hong Kong’s investment promotion agency, Invest Hong Kong (InvestHK), and the Zug-based Swiss Crypto Valley Association (CVA) have signed a Memorandum of Understanding (MoU) to promote fintech collaboration.

The signature took place during the 2024 Crypto Valley Conferencewith the aim of strengthening the mutual relationship and promoting collaboration between the fintech ecosystems of Hong Kong and Switzerland.

King Leung, global head of financial services and fintech at InvestHK, Ilya Volkov, member of the board of directors of the Crypto Valley Association, and Nikoletta Csanyi, executive director of the Crypto Valley Association, represented the MoU agreement.

The agreement between InvestHK and Crypto Valley Association will benefit both countries

The MoU focuses on facilitating knowledge exchange and providing market updates to support businesses in Hong Kong and Switzerland.

By sharing the latest fintech trends and developments, the agreement aims to help companies gain a better understanding of the evolving landscape.

Furthermore, it encourages interested companies, startups and investors to explore opportunities within the highlighted sectors by offering relevant information and promoting networking opportunities.

The MoU also supports inbound business missions and investment promotion events, which facilitate bilateral investments between the two economies.

Alpha Lau, general manager of investment promotion at InvestHK, highlighted Hong Kong’s role as a value-added super-connector to promote innovation and commercialisation, saying InvestHK actively supports companies looking to expand and succeed in Hong Kong and beyond.

“This MoU not only represents a new milestone in collaboration between Hong Kong and Switzerland’s fintech ecosystems, but also highlights the city’s appeal as a leading destination for fintech and Web3 innovation,” Lau said.

Likewise, Csanyi highlighted the limitless nature of innovation and highlighted the importance of strategic partnerships such as the one between InvestHK and Crypto Valley Association. “Together, we have the opportunity to shape the future of finance and bring Hong Kong and Switzerland to the forefront of fintech excellence,” Csanyi said.

Hong Kong’s crypto licensing system is under scrutiny

Cryptocurrency licensing system in Hong Kong is facing criticism from Legislative Council member Wu Shuo, who expressed concern about its impact on market confidence.

In a recent articleWu pointed to licensing requirements imposed by Hong Kong’s Securities and Futures Commission (SFC), which have led several major exchanges to withdraw their licensing applications.

The system, due to be implemented on June 1, 2023, requires virtual asset trading platforms operating in Hong Kong to obtain a license from regulators.

Failure to comply with licensing requirements may result in cessation of business operations.

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Wu mentioned the series of recalls that have occurred in recent months. On March 28, HKVAEX, suspected of being affiliated with Binance, withdrew its license application.

Subsequently, IBTCEX, QuanXLab and Huobi HK followed suit, followed by Gate.HK, OKX HK and Bybit (Spark Fintech Limited).

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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