The FinTech Association of Hong Kong (FTAHK) and FinTech Australia have inked a memorandum of understanding (MoU) to improve cooperation in the fintech space and support expansion of businesses in each other’s jurisdictions.

Under the agreement, the two parties plan to support businesses looking for investment, partnerships and entry into each other’s markets.

They will also support connections to banks and insurance firms as well as increase investment by VCs into companies in each other’s markets.

At the same time, the agreement allows the two parties to share information on policy developments and jointly carry out initiatives such as research.

FinTech Australia CEO Danielle Szetho said: “Hong Kong and Australia have highly complementary FinTech industries, each with growing Blockchain, RegTech, Data/AI and Cyber Security capabilities.  This agreement will build on our strong ongoing relationship as we support each other in helping local participants in both markets.”

The latest agreement follows a similar fintech cooperation pact signed between the Securities and Futures Commission (SFC) of Hong Kong and Australian Securities & Investments Commission (ASIC) in June 2017.