SFC And ASIC Sign Fintech Cooperation Agreement
The Securities and Futures Commission (SFC) today entered into an agreement with the Australian Securities & Investments Commission (ASIC) to establish a framework for cooperation on financial technology (Fintech). (Note 1)
Under the agreement, the SFC and ASIC will cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets.
"Greater regulatory cooperation is important for us to stay abreast of the rapid pace of innovation in financial services and how it intersects with securities regulation," said Mr. Ashley Alder, the SFC’s Chief Executive Officer.
The agreement follows the creation of the SFC’s Fintech Contact Point in 2016 (Note 2) and ASIC’s Innovation Hub in 2015 (Note 3).
- The cooperation agreement is posted on the SFC website.
- The SFC established its Fintech Contact Point in March 2016 to enhance communication with businesses involved in the development and application of financial technology in Hong Kong, to facilitate the Fintech community's understanding of the current regulatory regime and to enable the SFC to stay abreast of the development of Fintech.
- ASIC established its Innovation Hub in March 2015 to assist innovative Fintech businesses understand ASIC’s regulatory system. Through its Innovation Hub, ASIC engages with the Fintech community, provides assistance to innovative Fintech start-ups and liaises with Fintech experts through ASIC’s Digital Finance Advisory Committee.