The Abu Dhabi Global Market (ADGM), Financial Services Regulatory Authority (FSRA) and ASIC have signed a fintech cooperation agreement to support and understand innovation across jurisdictions.
This agreement is similar to other agreements that ASIC has signed recently, and will allow ASIC and the FSRA to refer businesses to each other for support via ASIC’s innovation hub and the FSRA’s Regulatory Laboratory (RegLab). This will make it easier for Australian fintech businesses to operate in the Abu Dhabi market, and vice versa.
ASIC will also share information with the FSRA to keep up to date with regulatory, economic and commercial developments.
The agreement, signed on 26 July 2017, expands ASIC’s cooperation network into the Middle East and North Africa (MENA) region. The United Arab Emirates (where the ADGM is located) is Australia’s largest trading partner in the Middle East, with two-way goods and services trade worth $8.8 billion in 2015.
ASIC has also entered into similar referral and information sharing agreements with the United Kingdom, Japan, Singapore, Hong Kong, Ontario and Malaysia.
We are experienced in providing advice to fintech businesses and understand the opportunity this agreement creates for entrepreneurs seeking to expand their target markets into other jurisdictions. If you would like further information about the Agreement and if it applies to you, please do not hesitate to contact Hillary Ray or someone in our team.