Policymakers in Japan and Australia are the latest pair of regulators to sign a bilateral deal designed to facilitate the development of financial technology (fintech).
The Japan Financial Services Agency (JFSA) and the Australian Securities and Investments Commission (ASIC) on Friday announced that they have developed a framework for sharing information and supporting innovative fintech businesses to enter each other’s markets.
The new co-operation framework will enable the JFSA and the ASIC to refer innovative firms to each others’ fintech units, and to share information that will help the regulators keep up with regulatory, economic and commercial developments in each other’s markets.
“Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA,” says John Price, ASIC commissioner, in a statement.
The ASIC has established similar arrangements with a variety of other regulators, including the Ontario Securities Commission, the Monetary Authority of Singapore, the U.K. Financial Conduct Authority, and Hong Kong’s Securities and Futures Commission.