The financial technology links between Asia and Australia continue to develop turning the so called fintech bridge into more of a six lane freeway, is it moving though?
Under the latest agreement Securities Commission Malaysia (SC) and the Australian Securities and Investments Commission (ASIC) will work closely to share information on emerging trends and regulatory issues in digital finance.
Both regulators will also facilitate referrals of innovative businesses seeking to operate in each other’s jurisdictions, as well as explore potential joint innovation projects relating to the application of new technologies.
Progress in Malaysia
As part of SC’s digital agenda, the regulator has in recent years introduced regulations and initiatives such as equity crowdfunding (ECF), peer-to-peer (P2P) financing, digital investment management (DIM) services, and launched the alliance of FINtech community (aFINity) to engage with the growing financial technology community in Malaysia.
SC Chairman Tan Sri Ranjit Ajit Singh signed the agreement with the ASIC Chairman Greg Medcraft on the sidelines of the Salzburg Global Seminar on Finance that was co-chaired by the SC Chairman.
Looking North
«International cooperation on fintech is essential. This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysian Securities Commission,» said Medcraft.
Australia currently has fintech cooperation agreements with Japan, Hong Kong and Singapore.
