The FCA has entered into a co-operation agreement with the People's Bank of China (PBOC) for the purpose of providing a framework for co-operation concerning the promotion of innovation in financial services. In the agreement, the FCA and the PBOC undertake to share information about innovations in financial services in their respective markets, where appropriate, which include emerging market trends and developments and regulatory issues concerning innovation in financial services. The FCA has already entered into similar co-operation agreements with the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS).