Collaboration Between Regulators in the Commonwealth of Nations is Good News for Fincross International’s Expansion, And More – Ep. 6 Recap of Security Tokens Uncensored
Fincross International, our title sponsor, was recently interviewed on STU about collaboration between financial regulators. Deputy CEO of Fincross, Henry James, told our community about the ways in which regulators are collaborating in order to make processes more efficient.
On this episode of the podcast, our host Alon Goren interviewed Henry James, Co-Founder and Deputy CEO of Fincross International. The two spoke about a range of topics from how James started his hybrid traditional and digital asset investment bank, to what they see as the future of smart securities, to the promising harmony that is surfacing between global financialregulators.
You can listen to the entire conversation right here, or you can get some nuggets of content by reading this recap. By the way, if you LOVE our content and the Security Tokens Uncensored podcast, please consider reviewing or subscribing to the show!
Harmonization Between Financial Regulators
Henry James told our community about a burgeoning harmony between financial regulators in Commonwealth jurisdictions. Various regulatory bodies are sharing human resources on secondment between jurisdictions and collaborating on cross-border legislation.
“The corporate legal system is based on a British form of legal system,” James said. “They have that commonality of laws and legislation on top of that foundation, it’s easier for them to be compatible with each other,” James said.
Cooperation is beneficial for the promulgation of the digital asset industry, especially for Fincross International. Harmony of regulatory frameworks is an advantage for Fincross Internationalbecause the regions share consistency and alignment with regards to digital assets.
Shared Resources Across the Commonwealth of Nations
James pointed to the framework that is used by regulators in their guidance notes and talked about commonalities between regulatory bodies across the world.
“Look at the language used by regulators in their guidance notes whether that be in Hong Kong Singapore, Bermuda, Antigua, or Malta. They’re starting to use similar terms, looking at the industry in a similar way, and that’s because the regulators are talking to one another,” James said.
The cooperation between international bodies can be integral to what might be an otherwise turbulent process of securing an investment banking license. At the very least, it helped Fincross International receive theirs.
“We received approval for an investment banking license from the Financial Services Commission in Mauritius in 2018. During that process, our application was on review by the regulator. At the regulator’s office, there was an employee from the UK’s Financial Conduct Authority that helped the FSC in Mauritius who was part of the process. This demonstrates that human resources are shared throughout the world thanks to the Commonwealth,” James said.
Cooperation between financial regulators is essential to the growth of fintech and digital assets because it creates cross-border efficiencies for both institutions and regulators. We live in a globalized world that has international trade opportunities. Any unnecessary barriers need to be removed, and no country or body therein needs to reinvent the wheel. Sharing resources and harmonizing legislation is proving to make a long and difficult process more efficient.