Australia and Singapore sign fintech agreement

ASIC fintech Singapore

17 June 2016
| By Oksana Patron |
image
image
expand image

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".

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 21 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 21 hours ago