The Japan Financial Services Agency ('JFSA') and the Australian Securities and Investments Commission ('ASIC') have signed a Co-operation Agreement (‘Agreement’) which provides a framework to promote innovation in financial services.
The Agreement, signed on 23 June 2017, will allow the JFSA and ASIC to share information and support the entry of innovative fintech businesses into each other’s markets.
The Japanese economy is the third largest in the world and this framework will help open up this important market for Australian fintech businesses. Japan is a world leader in technology and Australian fintech businesses will benefit from this expertise.
Under the agreement, JFSA and ASIC will be able to refer innovative fintech businesses to each other for advice and support via ASIC's Innovation Hub and the JFSA's FinTech Support Desk. If Australian fintech business wish to operate in Japan, they will have access to the JFSA’s support mechanisms in operating in the Japanese regulatory regime.
This Co-operation Framework further underlines the strength and closeness of the broader Australia-Japan trade and investment relationship.
ASIC has also entered into similar referral and information sharing agreements with the United Kingdom, Singapore, Hong Kong and Ontario.
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.