CFTC, FCA to collaborate on fintech incubators

The CFTC and the U.K.'s Financial Conduct Authority on Monday signed an agreement to have their financial technology incubators work together.

The incubators — the Commodity Futures Trading Commission's LabCFTC and FCA Innovate — will share information on fintech market trends and developments under the Cooperation Arrangement on Financial Technology Innovation, according to news releases from both agencies.

The agreement also will allow each incubator to refer fintech companies interested in entering the U.S. and U.K. markets, and to share information from each incubator's proof of concept and innovation competitions.

FCA Innovate was created in October 2014; LabCFTC was created in May 2017. The FCA's Innovation Hub has worked with more than 500 businesses; LabCFTC has worked with more than 150 entities and is planning an innovation competition later this year.