A new framework to promote innovation in financial services in Australia and Japan is complete.
The Australian Securities and Investments Commission (
ASIC) will now work in co-operation with the Japan Financial services Agency (JFSA) to promote financial services and support the entry of fintech businesses into each other’s markets.
A co-operation framework could open an important market for Australian fintechs, ASIC Commissioner John Price said: “Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA.”
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The Japanese financial regulator has promoted fintech by changing the legal system to make it easier for financial groups to invest in finance-related IT companies. Working with ASIC will encourage Japanese start-ups to engage with financial businesses worldwide.
Shunsuke Shirakawa, JFSA Vice Commissioner for International Affairs, commented: “We are delighted to establish this co-operation framework with ASIC. ASIC is one of the leading fintech regulators that actively promote fintech by taking progressive actions including setup of the Innovation Hub.
“We believe that this framework further strengthens our relationship and facilitates our co-operation in further developing our respective markets.”
A formal 'Exchange of Letters' ceremony was held between the Australian Ambassador to Japan, the Hon Richard Court AC and Japanese State Minister of Cabinet Office, Takao Ochi, on Friday (June 23) in Tokyo to seal the framework.
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