The FCA has entered into a co-operation agreement with the Australian Securities & Investments Commission (ASIC) to promote innovation in financial services in their respective markets. The FCA has already launched Project Innovate and its innovation hub in October 2014, while ASIC has established an online innovation hub to assist innovative Fintech businesses navigate ASIC's regulatory system. The purpose of the agreement is to provide a framework for co-operation and referrals between the innovation hubs of each authority. The FCA is aiming to reduce the barriers for authorised firms looking to grow to scale overseas and to assist non-UK innovators interested in entering the market overseen by the FCA and hopes that the agreement with ASIC will be the first of many.