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June 23, 2017

Japan and Australia regulators collaborate on fintech

The Japan Financial Services Agency (JFSA) and Australian Securities and Investments Commission (ASIC) have completed a framework for collaboration in the fintech space.

Under the framework, the two parties will exchange information to get an overview of the regulatory, economic or commercial developments in each other’s markets.

The two watchdogs will also support the foray of fintech firms into each other’s jurisdictions, refer the firms to each other for advice. Fintech firms looking to enter the two markets will be supported through ASIC’s Innovation Hub and JFSA’s FinTech Support Desk.

ASIC commissioner John Price said: “Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA.”

JFSA vice commissioner for international affairs Shunsuke Shirakawa added: “We believe that this Framework further strengthens our relationship and facilitates our co-operation in further developing our respective markets.”

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