Australia and New Zealand formalise fintech agreement
The Australian Securities and Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) have re-affirmed their commitment to promote innovation and fintech development across the Tasman.
It’s confirmation of the wide-ranging Memorandum of Understanding reached between the countries in 2012 and follows a meeting focused on the need to foster fintech innovation and growth while also protecting consumers and managing risks.
One of the main points that emerged is the formalisation of information-sharing agreements and referral arrangements through which businesses that venture into other markets can get a referral from one regulator to another.
Information-sharing agreements help regulators stay on top of emerging developments elsewhere, while referral arrangements can make it quicker and easier for businesses to start operations overseas without unintentionally breaching the varied regulations around financial services and fintech in different countries.
ASIC already has referral arrangements and information-sharing agreements with Singapore, the UK, Ontario (Canadian province), Hong Kong, Japan, Malaysia and Abu Dhabi, while information-sharing-only agreements are in place with Kenya and Indonesia.
“ASIC and the FMA have a strong relationship in all the areas we regulate. Our mutual commitment to innovation and fintech is no different.” said Garth Stanish, FMA director of capital markets. “We’ll continue to share information and views on the regulatory issues arising from emerging technology and increasing innovation.
“Across the Tasman we’ll continue to cooperate with the FMA and refer new businesses where they have an appetite to work in both jurisdictions.”
To read more about the fintech agreement, please click on the link below…