Hong Kong, Oz Regulators Ink FinTech Pactbr>
Regulatory bodies in Hong Kong and Australia have signed an agreement to promote FinTech in their respective markets. The agreement provides a framework for cooperation to support and understand financial innovation in each economy.
Under the agreement, The Hong Kong Securities and Futures Commission (SFC) and Australian Securities and Investments Commission (ASIC) will share information about FinTech developments. The agreement will also enable the SFC and ASIC to refer innovative FinTech businesses to each other for advice and support via ASIC’s Innovation Hub and its Hong Kong equivalent, the SFC’s FinTech Contact Point.
ASIC explained that this will enable them to stay on top of regulatory and relevant economic or commercial developments in Hong Kong that could influence Australia’s regulatory approach moving forward.
SFC CEO Ashley Alder said that greater regulatory cooperation is important for Hong Kong to stay abreast of the rapid pace of innovation in financial services and how it intersects with securities regulation.
The latest cooperation agreement is the fourth FinTech referral agreement ASIC has entered into, following agreements with the United Kingdom, Singapore and Ontario.