ASIC continues making fintech ties with Asia
The regulator has signed an agreement on fintech cooperation with Malaysia.
The Australian Securities and Investments Commission (ASIC) has announced its latest Cooperation Agreement, this time with the Malaysia Securities Commission (SC). This agreement is the latest in a string of agreements for the regulator, many of which have been with regulatory bodies in Asian fintech hubs such as Hong Kong, Singapore, Indonesia and Japan.
As with previous agreements, this Cooperation Agreement with Malaysia provides a framework "to support and understand financial innovation in each economy" as well as enable both regulators to refer innovative fintech businesses to each other for advice. This will be done via ASIC's Innovation Hub and its Malaysia equivalent, the SC "alliance of FINtech community".
ASIC chairman Greg Medcraft says that international cooperation on fintech is essential. "This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysia Securities Commission."
ASIC and the SC have had a relationship since 1998 when they entered into a Memorandum of Understanding to provide assistance and mutual cooperation in relation to compliance, supervision and enforcement.
SC chairman Ranjit Ajit Singh said: “Even as we continue to enable new forms of innovation in capital markets, we must not lose sight of the need to manage digital risks by taking a strategic approach to risk management, recruiting digital talent and improving IT architectures. This collaboration between SC and ASIC in the realm of digital finance will further strengthen the co-operative arrangements between Malaysia and Australia in capital market development and regulation."
The agreement was signed by both regulators on 27 June 2017.