In an effort to expand its financial technology influence, Australia's regulator has been reaching out to its Asian neighbours. The latest move brings Hong Kong closer.
The Hong Kong Securities and Futures Commission (SFC') and The Australian Securities and Investments Commission have signed a Co-operation Agreement which will provide a framework for cooperation to support and understand financial innovation in each economy.
This Cooperation Agreement builds on the existing ties between ASIC and the SFC, as well as the Australia-Hong Kong trade and investment relationship.
Innovation Exchange
The agreement will 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.
This means Australian fintech businesses wishing to operate in Hong Kong will now have a simple pathway for engaging with the SFC, and vice versa.
The Innovation Hub and Fintech Contact Point offer assistance to innovative fintech businesses to understand the regulatory regimes in each of their jurisdictions.
Regulatory Information Interchange
This is the fourth fintech referral agreement ASIC has entered into, following on from agreements with the United Kingdom, Singapore and Ontario.
The agreement also provides a framework for information sharing between the two regulators. This will enable ASIC to keep abreast of regulatory and relevant economic or commercial developments in Hong Kong and to use this to inform Australia's regulatory approach.
