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ASIC, but not hardware: Australian fintech regulator to cooperate with China

07 November 2017 21:00, UTC

Imagine the United States Securities and Exchange Commission equivalents in Australia and China. The agreement on collaboration between these two has been posted on the ASIC’s website. As Australian-Chinese economic ties are already very close, agreement like this was bound to be signed some day, but still, it is certainly a result of work of some talented external affairs employees. The head of Austalian Securities and Investments Commision states on this matter:

“Co-operation between regulators is essential to realise the benefits of the technological revolution. Understanding new developments and their impact in overseas markets helps us to remain proactive and forward-looking in our domestic approach. This Agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, which is renowned for its success and dynamism. We also look forward to sharing our insights and experiences on regtech with the CSRC.”

His Chinese counterpart, in turn, welcomes the cooperation as well:

“In the past few years, the rapid development of fintech has created ample opportunities to introduce new financial services, enhance financial inclusion and fulfil investors’ needs. However, financial market regulators around the globe also face new requirements and challenges posed by market innovations. The Agreement between CSRC and ASIC will provide an effective channel for timely exchange of information on fintech developments and regulatory issues, and enhance regulatory cooperation between the two authorities.”

This is a very good addition to the list of organizations Australia already cooperates with, according to OpenGovAsia, these are the Monetary Authority of Singapore, the United Kingdom’s Financial Conduct Authority, Ontario Securities Commission, Hong Kong Securities and Futures Commission, the Japan Financial Services Agency, Malaysia Securities Commission, Abu Dhabi Financial Services Regulatory Authority, and the Swiss Financial Market Supervisory Authority.