ASIC inks fintech deal in Madrid

ASIC inks fintech deal in Madrid | Insurance Business

ASIC inks fintech deal in Madrid
The Australian Securities and Investments Commission (ASIC) has expanded its innovation cooperation network into continental Europe in a new deal with the Swiss Financial Markets Authority (FINMA) signed in Madrid this month.

ASIC chairman Greg Medcraft said the agreement – which aimed to encourage innovation in financial services in Australia and its tenth-largest source of foreign investment, Switzerland – “opens up another key financial centre for Australian fintech expansion.”

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“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,” Medcraft said.

Current estimates showed that there are more than 200 fintech start-ups in Switzerland, specialising in areas like wealth management, comparative consulting, crypto finance, data management, payment services, and lending.

The fintech deal enables ASIC to refer innovative businesses to FINMA, accept referrals from the Swiss regulator, and support fintechs through the Innovation Hub, which helps in navigating the regulatory framework in Australia. Australian fintechs referred to FINMA will also receive support for meeting legal requirements when operating in Switzerland.

The agreement also allows the two regulators to exchange information on regulatory and policy issues on issues relevant to fintech, including innovation in financial services and market trends and developments.

So far, ASIC has entered fintech referral and information-sharing agreements with 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, and Abu Dhabi Global Market Financial Services Regulatory Authority. It also forged information-sharing agreements with the Capital Markets Authority, Kenya and Otoritas Jasa Keuangan, Indonesia.

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