ASIC forges fintech deal with US regulator

ASIC forges fintech deal with US regulator | Insurance Business Australia

ASIC forges fintech deal with US regulator

The Australian Securities and Investments Commission (ASIC) has inked a fintech cooperation agreement with the US Commodity Futures Trading Commission (CFTC).

Under the deal, the two regulators agreed to cooperate and support innovation through each other’s fintech initiatives, CFTC’s LabCFTC and ASIC’s Innovation Hub – sharing information regarding fintech market trends and developments and facilitating referrals of fintech companies interested in entering the other’s market.

“We are delighted to partner with our colleagues at the CFTC to help encourage fintech and regtech innovation in both Australia and the United States,” said James Shipton, ASIC chair. “Technological changes are continuing to reshape financial services, markets and the regulatory landscape. Today’s arrangement assists innovative businesses to grow across borders and allows for greater information sharing and cooperation by the two regulators.”

“This arrangement will encourage the development of emerging financial and compliance technologies and continue to enhance global awareness of the critical role of regulators in 21st century digital markets,” said J. Christopher Giancarlo, CFTC chairman.

The fintech deal follows the launch of the Innovation Hub in March 2015 and LabCFTC in May 2017.