(28 April 2017 – Australia) Australia’s corporate regulator has announced a FinTech partnership with its counterpart in Indonesia in a “terrific validation” for the work of the local sector.
The Australian Securities and Investment Commission (ASIC) signed the cooperation agreement with Indonesia’s financial services authority Otoritas Jasa Keuangan (OJK) last week. The partnership aims to “promote innovation in financial services in their respective markets”.
The deal means that the two countries have committed to sharing information on emerging market trends and regulatory issues, as well as to promote local innovation.
The agreement follows similar pacts between the Australian regulator and counterparts in the US, Singapore, and Canada.
The Indonesian partnership provides the “framework for cooperation between the parties with respect to promoting innovation in financial services” through information sharing and promoting innovation in each respective market.
ASIC Commissioner John Price said such deals are crucial for the local FinTech sector.
“Many FinTechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges that this can create for FinTech businesses and the community,” Price said.
“We look forward to working more closely with OJK on the exciting FinTech developments in both our countries,” he added.
Speaking to InnovationAust.com, Fintech Australia CEO Danielle Szetho said: “It’s great to see our regulators are willing to engage and learn from incredibly fast-moving, dynamic and emerging markets, and also that these markets see Australia’s FinTech policy environment as an example of best practice for a developed digitally advanced economy.
“There will be plenty of learnings and opportunities for FinTech companies on both sides, particularly in peer-to-peer, digital advice, and payments,” she said.
“It’s a terrific validation of Australia’s position as a gateway market in the Asia-Pacific. With a population of around 250 million, Indonesia is a great market for Australia-based FinTech companies to explore,” she said.