(8 November 2017 – China) Chinese and Australian regulators have signed an agreement that promises to share information between the two nations, enabling them to maintain visibility over regulatory and relevant economic or commercial developments that occur in each other's markets.
The Information Sharing Co-operation Agreement allows the China Securities Regulatory Commission (CSRC) and the Australian Securities and Investment Commission (ASIC) to stay informed of fintech activity in each other's jurisdictions, and help to inform domestic regulatory approaches in a rapidly evolving global financial environment.
The Chinese and Australian financial regulators will also be able to share information on regulatory technology trials.
According to ASIC, China is Australia's largest two-way trading partner in goods and services, and is a “world leader” in fintech investment, development, and adoption, especially in customer-facing areas such as payments and lending.
Investment in Chinese fintech companies is estimated to have reached A$10 billion in 2016, and digital payments transacted in China made up almost half the total global volume the same year, ASIC claimed in an announcement.
Along with the “ample opportunities” brought forth by advancements in fintech, CSRC chairman Shiyu Liu said there are also challenges that financial market regulators have to face.
“Understanding new developments and their impact in overseas markets helps us to remain proactive and forward-looking in our domestic approach,” added ASIC Chairman Greg Medcraft.