Japan and Australia regulators to co-operate on fintech
The Financial Services Agency of Japan (JFSA) and Australian Securities and Investments Commission (ASIC) will work together to promote innovation in financial services in Japan and Australia.
Both have completed a framework and they will share information and support the entry of fintech firms into each other’s markets.
ASIC says this framework will “help open up an important market for Australian fintechs”. It states that the Japanese economy is the third largest in the world, with services – including financial services – accounting for about three quarters of GDP.
The framework will enable the JFSA and ASIC to refer companies to each other for advice and support via ASIC’s Innovation Hub and the JFSA’s FinTech Support Desk. It also provides a framework for information sharing between the two regulators.
A regulatory romp
Both ASIC and JFSA have been signing deals all over the place.
This month, the Hong Kong Securities and Futures Commission (SFC) and ASIC signed a co-operation agreement for financial innovation.
While for JFSA, it has signed co-operation deals with Singapore and the UK.
