ASIC has expanded its fintech network to a vibrant fintech destination as it inked a cooperation agreement with the Malaysia Securities Commission (SC).
Malaysia, the first Asia-Pacific nation to regulate equity crowdfunding, has high levels of digital adoption and internet penetration. This deal will set frameworks for cooperation and information sharing to support and understand regulatory, financial, and commercial innovation in each economy.
The agreement will also enable the two regulators to refer fintech businesses to each other for advice and support via ASIC's Innovation Hub and its Malaysia equivalent, the SC's 'alliance of FINtech community' ('aFINity'). This opens up a simple pathway for each country's innovative fintech businesses to engage with the regulator of the market they wish to enter.
ASIC chairman Greg Medcraft commented on the deal: “International cooperation on fintech is essential. This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysia Securities Commission.”
Also commenting on the agreement was SC chairman Ranjit Ajit Singh, who said: “This collaboration between SC and ASIC in the realm of digital finance will further strengthen the co-operative arrangements between Malaysia and Australia in capital market development and regulation.”
