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July 27, 2017

Abu Dhabi, Australia regulators sign fintech cooperation agreement

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and Australian Securities and Investments Commission (ASIC) have inked an agreement for cooperation in the fintech space.

Under the agreement, the two parties will refer innovative fintech firms to each other for advice. The process will be facilitated through ASIC’s Innovation Hub and ADGM’s RegLab, which will help fintech firms gain insight into the regulatory regimes in each other’s jurisdictions.

The pact will also allow the regulators to exchange data on innovation as well as offer support through the application and authorisation process.

ASIC chairman Greg Medcraft said: “Each country and region has a different experience with FinTech, and there is much we can learn from engaging with one another. This Agreement will help to connect Australian FinTech businesses with a range of exciting opportunities in a region ripe for further development.”

The latest pact represents ADGM’s fourth fintech bridge with an international hub. The regulator recently also signed similar agreements with the Monetary Authority of Singapore, the Kenya Capital Markets Authority, and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.

ADGM FSRA CEO Richard Teng added: “With this FinTech collaboration, ADGM and ASIC are able to tap on the strengths and network of each other’s markets to support technology startups and innovators in advancing their creative solutions into new markets.”

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