These agreements allow ASIC, SFC, JFSA and MSC FinTech to provide advice and support through the ASIC innovation hub, SFC`s FinTech contact point, JFSA`s fintech support centre and MSC`s FINtech Community Alliance (aFINity). This means that Australian fintech companies wishing to operate in Hong Kong, Japan or Malaysia will now have a simple way to go away with the regulators of those countries and vice versa. This can provide valuable support to fintech companies that work in one jurisdiction and want to better understand each other`s rules. Under the new agreement, ASIC and FCA are able not only to trade innovative companies and subdivide themselves, but also to return these companies directly to the other party`s regulatory sandbox. ASIC and ACF have also agreed to jointly organize events on fintech and regulatory technologies and to conduct joint policy work to achieve common approaches and positions. ASIC currently has information exchange or cooperation agreements with the Hong Kong Securities and Futures Commission (SFC), the Monetary Authority of Singapore (MAS), the Securities commission of Canada (OSC), the Capital Markets Authority of Kenya (CMA) and the Otoritas Jasa Keuangan (OJK) in Indonesia. In this expanded agreement, the ACF and ASIC agreed to explore ways to speed up the licensing process for the approval of innovative companies already approved in the other jurisdiction. If a company participates in the regulatory sandbox of one of the two authorities and wishes to enter the other, ASIC and the FCA will endeavour to facilitate this participation. Under this current framework, the cooperation agreement defines the type of assistance the innovation company will receive as soon as it is transferred before seeking permission to operate in a new market.
This includes a team/contact committed to help understand the regulatory framework in the market they wish to join. During the authorisation process, the innovation company will have access to specialized staff and, if necessary, a specific authorisation procedure.