British, Australian regulators strengthen cooperation on fintech

The UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC) have signed a new agreement to extend their existing cooperation on fintech innovation.

As per the new agreement, FCA and ASIC have agreed to explore ways to quicken the licensing process in terms of the authorisation of innovative businesses that are already authorised in the other jurisdiction, ASIC reported today in a media release.

The enhanced cooperation agreement, signed between the two authorities’ Innovation Hubs, forms part of the broader Fintech Bridge signed by the UK Chancellor of the Exchequer and the Australian Treasurer.

ASIC and the FCA will also look to co-host fintech and regtech events, conduct joint policy work, research and experimentation and explore secondment opportunities. They will work to raise topics or approaches of common interest at an international level to promote greater levels of international cooperation on financial innovation.

“ASIC and the FCA have developed an immensely beneficial relationship on fintech, including through our quarterly information sharing calls. We are delighted this extension will offer fintechs the opportunity to spread good ideas across borders. We will work together to raise topics and approaches of common interest at an international level,” SIC commissioner John Price said.

Under this new agreement ASIC and the FCA will continue to refer innovative fintech businesses to each other for advice and support via their respective Innovation Hubs.

In order to strengthen cooperation, the UK and Australian Governments have decided to establish a UK-Australia Fintech Bridge, that includes building on the existing Cooperation Agreement between the FCA and ASIC.

This UK-Australia Fintech Bridge is signed by the UK Chancellor of the Exchequer and the Australian Treasurer. It establishes a framework for individual arrangements between relevant government and private sector parties from the UK and Australia to support further cooperation on fintech and regtech activities.

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