Over the last month, ASIC has signed fintech cooperation agreements with the Hong Kong Securities and Futures Commission (SFC), the Japan Financial Services Agency (JFSA) and the Malaysia Securities Commission (MSC).

The agreements will enable ASIC to refer innovative fintech businesses to the SFC, JFSA and MSC for advice and support via the Fintech Contact Point, FinTech Support Desk and alliance of FINtech community respectively, while businesses from these countries will in turn be referred to ASIC’s Innovation Hub.

The agreements also provide a framework for information sharing between ASIC and the Asian regulators, providing for communication of regulatory and relevant economic or commercial developments within each jurisdiction, crucial since all four regulators have been actively promoting fintech through various measures.

ASIC has already signed various cooperation or information sharing agreements with the UK, Singapore, Canada, Kenya and Indonesia, which you can read about in our earlier Fintech Update here.