ASIC and Singapore working on fintech regulatory deal

Regulation | April 12, 2016 By:

The Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS) reportedly working on a deal to better support cross-border collaboration between fintech startups in both countries.

The discussions between ASIC and MAS are at an early stage, it is understood both regulators are enthusiastic about seeing a deal come to fruition.

The report pointed to a similar deal already struck between Australia and the United Kingdom’s Financial Conduct Authority early this month. In this agreement, both regulators would refer local fintech startups to the other and offer support to fintech companies referred by the other party. Both sides also would exchange fintech innovation ideas.

The Australian Securities & Investments Commission (ASIC) is an independent Australian government body that acts as Australia’s corporate regulator. The Monetary Authority of Singapore is Singapore’s central bank and financial regulatory authority.