ASIC has signed a co-operation agreement with Hong Kong’s regulator, which is intended to provide a framework to support and understand financial innovation in each economy.
According to a recent statement, the agreement between ASIC and the Hong Kong Securities and Futures Commission (SFC) will enable the two regulators to refer innovative fintech businesses to each other for advice and support.
ASIC’s Innovation Hub and the SFC’s Fintech Contact Point offer assistance to innovative fintech businesses to understand regulatory regimes.
“This means Australian fintech businesses hoping to operate in Hong Kong will now have a simple pathway for engaging with the SFC and vice versa,” the statement said.
“This agreement with Hong Kong expands our network of fintech co-operation to a critical financial hub in our region.”
The agreement also provides a framework for information sharing between the two regulators. This will enable ASIC to be informed of regulatory and relevant economic or commercial developments in Hong Kong and to use this to inform Australia's regulatory approach.
This is the fourth fintech referral agreement ASIC has entered into, following on from agreements with the UK, Singapore and Ontario (Canada).
ASIC commissioner Cathie Armour said, “Financial services are a major contributor to Hong Kong’s US$316 billion economy.
“The co-operation agreement is a boost for Australia’s burgeoning fintech sector and will ease entry into this important market for innovative Australian businesses.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Feb 2019ASIC appeals Westpac best interests court decisionBy Adrian Flores
- 18 Feb 2019FASEA mostly funded by the major banksBy Adrian Flores
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- 18 Feb 2019NAB most distrusted bank, survey findsBy Sarah Simpkins
- 15 Feb 2019Court restrains unlicensed firm from operatingBy Adrian Flores
- 15 Feb 2019ASIC used Dover whistleblowing to shut licensee downBy Adrian Flores
- view all