The securities regulators of Hong Kong and Australia have signed a FinTech cooperation agreement with the mutual aim to aid and develop financial innovation in each other’s economies.
With an announcement yesterday, the Hong Kong Securities and Futures Commission (SFC) and the Australian Securities and Investments Commission (ASIC) signed a ‘Co-operation Agreement’ that will see them establish and adhere to a pro-FinTech framework for the two countries. The framework will encourage the two regulators to discuss and share information of new developments in the space.
The agreement will see the two regulators paving a simpler path for FinTech startups from both countries to gain entry into each other’s jurisdictions. The ASIC and the SFC will refer local FinTech businesses to each other via their respective innovation hubs, with startups and companies gaining priority regulatory advice.