As part of the agreement, the regulators will provide support to innovative businesses in each other’s markets to reduce regulatory uncertainty, and share information on emerging trends and regulatory issues regarding innovation in financial services.

Businesses will have access to dedicated staff to help them understand the regulatory framework of the market they wish to join.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “Today’s agreement with the OSC is a positive step towards promoting financial innovation in each of our respective markets.

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“It provides fintech businesses in Ontario and the UK with ready access to the regulatory support they need and we look forward to welcoming firms referred to us by the OSC to assist them in understanding the UK market and its financial regulation.”

Maureen Jensen, chair and CEO of the OSC, said: “Since unveiling OSC LaunchPad last year, we are hearing from many emerging businesses that offer innovative services, products and applications of benefit to investors.

“Many of these businesses are also seeking to expand globally, and this agreement reflects our ongoing commitment to enhancing their regulatory experience.”

Both regulators have launched initiatives to assist businesses to navigate the regulatory framework, support them through authorisation and facilitate engagement with regulators.

In 2014, the FCA launched an innovation hub, while the OSC’s LaunchPad was created in October 2016.