TECHNOLOGY

Hong Kong and Australia strengthen FinTech link

Authorities in Hong Kong and Australia have signed an agreement to foster innovation in Asia.

By Paul Walsh paul.walsh@strategic-i.com June 13, 2017 11:28 AM GMT
Regulatory bodies in Hong Kong and Australia have become the latest to sign a cooperation agreement to promote FinTech in their respective markets.

Under the agreement the Securities and Futures Commission (SFC) and Australian Securities and Investments Commission (ASIC) have agreed to share information on emerging FinTech trends, developments and regulatory issues.

In addition the SFC and ASIC agreement will provide a reciprocal mechanism for referrals of firms looking to enter one another’s markets.

"Greater regulatory cooperation is important for us to stay abreast of the rapid pace of innovation in financial services and how it intersects with securities regulation," said Ashley Alder, CEO at SFC.

The agreement is the latest in a number of similar agreements, as countries look to expand their FinTech influence, and the second in succession for the ASIC.

In October last year the ASIC signed an agreement with the Capital Markets Authority of Kenya to share information on regulatory issues, emerging market trends and develop space in both regions for expansion.

Earlier this year, authorities in France and Singapore also signed an agreement authorising FinTech companies from both countries to improve their understanding of regulatory requirements in each region.