Kenya and Australia sign FinTech pact

Authorities in Kenya and Australia have signed a FinTech agreement to encourage innovation in both regions.

By Hayley McDowell

Regulatory authorities in Kenya and Australia have become the latest to sign a cooperation agreement to promote FinTech in their respective markets.

The Capital Markets Authority of Kenya (CMA) and the Australian Securities and Investments Commission (ASIC) signed the agreement at the board meeting of the International Organisation of Securities Commissions (IOSCO) in Hong Kong this week.

Both parties have agreed to share information on regulatory issues, emerging market trends and develop space in both regions for expansion.

The CMA recently launched a regulatory sandbox to facilitate FinTech and innovation.

Chief executive officer of the CMA, Paul Muthaura, said the launch was part of plans to encourage new FinTech products on to the market.

He also said the CMA is “keen to share best practices in terms of how to address regulatory issues pertaining to innovation in financial service,” with the ASIC.

Chairman at the ASIC, Greg Medcraft, added the CMA operates in a “jurisdiction that has seen significant FinTech innovation growth.”

“Innovation in financial services isn’t confined by national borders. We hope this agreement will help to break down barriers to entry both here and in Kenya,” he said.

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