As the financial technology (fintech) industry continues to innovate and grow, ASIC has reiterated its commitment to helping fintech businesses access foreign markets and expand their global reach.
The New Zealand Financial Markets Authority (FMA) and ASIC entered a wide-ranging Memorandum of Understanding in 2012. This month, ASIC and the FMA reaffirmed their commitment to collaboration and cooperation in fintech and innovation.
Senior executives from both regulators have discussed the opportunities and challenges of fostering innovation and growth in the emerging fintech industry while protecting consumers and managing risks. The regulators will assist innovative businesses hoping to make ventures into each other’s markets by providing referrals for advice and support, as well as sharing information on the regulatory issues which arise from new technology.
This year, the FMA established an Innovation Strategy Group to monitor emerging trends in fintech and innovation. The FMA wants to facilitate responsible innovation, and ensure that the regulatory regime remains relevant and agile.
Fintechs are playing a vital role in reshaping financial services and capital markets. ASIC’s Innovation Hub helps fintech businesses navigate the regulatory framework without compromising investor and financial consumer trust and confidence, as well as helping ASIC keep up to speed with fintech innovation.
Reflecting the global future of financial services, ASIC is collaborating closely with regulators around the world. Fintech referral and information-sharing agreements have been entered with overseas regulatory bodies including Japan, Singapore, the United Kingdom, Ontario, Hong Kong and Abu Dhabi.
These agreements help enhance international opportunities for Australian fintech businesses and open doors for entrepreneurs.
We are experienced in providing advice to fintech businesses and understand the opportunity these agreements create for entrepreneurs seeking to expand their markets into other jurisdictions. If you would like further information about ASIC’s international fintech agreements and how you can benefit, please do not hesitate to contact Hillary Ray or someone in our Financial Services team.