(11 April 2016 – Australia) The Australian Securities and Investments Commission (ASIC) is in discussions with the Singapore’s central bank to ensure that regulation does not hinder the progress of fintech startups looking to operate across the countries' borders.
The UK’s Financial Conduct Authority (FCA) and ASIC came to a similar agreement last month, which was the first of its kind internationally, and likely the basis for any future partnerships, including with the Monetary Authority of Singapore (MAS).
The ASIC/FCA agreement sees that both parties will refer to the other fintech businesses seeking to enter the other's market, and provide support to startups that have been referred to them by their counterpart. Information about fintech innovation will also be shared between countries.
Fintech regulation was a key topic of discussion at the recent meetings of both the International Organisation of Securities Commissions (IOSCO) and the Financial Stability Board.
Speaking at a banking summit held by the Australian Financial Review, ASIC Chairman, Greg Medcraft said: “Both have flagged fintech as a key priority warranting a co-ordinated multilateral response.
“Though it is early days, the evolving thinking in both groups is in line with our approach domestically – that is working to harness the opportunities while mitigating the risks.”