The Australian Securities and Investments Commission (ASIC) has expanded its fintech cooperation network to what has been dubbed a dynamic region with enormous potential, as it sealed its seventh fintech referral agreement.
ASIC has signed a cooperation agreement with the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), which provides a framework enabling financial regulators to refer innovative fintech businesses to each other for advice and support via ASIC’s Innovation Hub and its ADGM counterpart, the Regulatory Lab or ‘RegLab.’
Through the agreement, innovative fintech businesses seeking to operate in each other’s jurisdiction will have a simple pathway for engaging with FSRA and ASIC to help them understand the regulatory regime in their desired market.
The deal also provides a framework for information sharing between ASIC and ADGM, enabling the Australian regulator to be up-to-date with regulatory and relevant economic or commercial developments in ADGM and use it to boost the country’s own regulatory approach.
“This agreement will help to connect Australian fintech businesses with a range of exciting opportunities in a region ripe for further development,” ASIC chairman Greg Medcraft said.
Richard Teng, CEO of ADGM FSRA, also commented on the deal: “With this fintech collaboration, ADGM and ASIC are able to tap on the strengths and network of each other’s markets to support technology start-ups and innovators in advancing their creative solutions.”
The fintech deal follows those ASIC has forged with the UK, Singapore, Ontario, Hong Kong, Japan, and Malaysia.
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