Australia and Singapore sign fintech agreement
The Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS) have signed a co-operation agreement aimed at aiding innovative businesses and fintech companies in Singapore and Australia in their foray into the respective markets.
Under the terms of the agreement, the businesses would be offered an opportunity to establish initial discussions in each other's market faster and receive advice on required licences, which is expected to reduce regulatory uncertainty and time to market.
However, to qualify for the support offered by the agreement, the companies would be required to meet certain eligibility criteria of their home regulator.
Thanks to this partnership, ASIC and MAS will also explore joint innovation projects together, and have committed to share information on emerging market trends and their impact on regulation.
ASIC said it saw a surge in requests by fintech start-ups seeking assistance about how to navigate the regulatory requirements, in particular in robo or digital advice, crowd-sourced equity funding, payments, marketplace lending and blockchain business models.
ASIC chairman, Greg Medcraft, said: "We believe this agreement with the MAS will help break down barriers to entry both here and in Singapore".
AUTHOR
Oksana Patron
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