ASIC will work alongside its counterparts in both the United States and Luxembourg on financial technology innovation

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Intending to cooperate and support innovation in their corresponding financial technology initiatives, the Australian Securities and Investments Commission (ASIC) has announced signing two agreements with international counterparts in Luxembourg and the United States.

The agreement with the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) will specifically provide a framework for cooperation to allow the information sharing on both fintech and RegTech. This is to act on ASIC’s interest to learn from fintech and Regtech innovations that are taking place in Luxembourg.

The two regulators initially partnered in 2013, both coming to grasp understanding on regulating fund management entities under the EU’s Alternative Investment Fund Managers Directive located within both Australia and Luxembourg.

On the 4th October 2018, ASIC has signed an agreement with the US Commodity Futures Trading Commission (CFTC), through LabCFTC and ASIC’s Innovation Hub to also cooperate and support fintech innovation within the United States. In perspective of the CFTC, the arrangement is intended to strengthen the development of emerging financial and compliance technologies and enhance global attention of the significant role of regulators in digital markets.

The agreement with the CFTC will specifically focus on fintech market trends and developments, facilitate a network hub for fintech companies and sharing of relevant information and insight regarding authority sandboxes or competition.

ASIC already partners alongside a group of overseas counterparts including Dubai, China, Japan, Hong Kong, Indonesia, Kenya, Malaysia, Canada, the UK, and Switzerland, touting fintech innovation as its purpose.

Meanwhile, Singapore and Australia have been working on a deal to better support cross-border collaboration between fintech startups in both countries.