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October 27, 2017updated 31 Oct 2017 3:50am

ASIC, FINMA expand fintech cooperation

By Shruti T

The Australian Securities and Investments Commission (ASIC) has signed an agreement with Swiss Financial Markets Authority (FINMA) to cooperate on technological innovation in financial services in Switzerland and Australia.

Both the regulators will exchange regulatory and policy issues related to fintech, including innovation in financial services and market trends and developments.

Under the agreement, the Australian counterpart provides innovative businesses to FINMA, where they will receive the same level of support offered to local fintechs.

ASIC will also receive referrals from FINMA, and offer support for innovative businesses through its Innovation Hub, which includes dedicated contacts in each regulator and support prior to and during the authorisation process.

ASIC chairman Greg Medcraft said: “This expands our innovation cooperation network into continental Europe, and with Switzerland, opens up another key financial centre for Australian fintech expansion.

“This agreement cements an already strong relationship with FINMA, and we look forward to ongoing collaboration in the fast-paced fintech environment in both countries.”

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