The Securities and Futures Commission (SFC) of Hong Kong and Australian Securities & Investments Commission (ASIC) have inked an agreement to collaborate in areas of fintech.

Under the agreement, the two parties will refer fintech startups to each other for advice in the two markets.

The startups will be supported through ASIC’s Innovation Hub and SFC’s Fintech Contact Point, which will help the firms gain insight on the regulatory regimes in their markets.

At the same time, the alliance will also facilitate information exchange between the watchdogs.

Commenting on the new partnership, ASIC Commissioner Cathie Armour said: The Cooperation Agreement is a significant boost for Australia’s burgeoning fintech sector and will ease entry into this important market for innovative Australian businesses.”