Financial regulators in Australia and Switzerland have agreed a deal designed to support innovation in the use of financial technology (fintech).
The cooperation agreement was put in place between the Australian Securities and Investments Commission (ASIC) and the Swiss Financial Markets Authority (FINMA).
ASIC chairman Greg Medcraft said: "This expands our innovation cooperation network into continental Europe, and with Switzerland, opens up another key financial centre for Australian fintech expansion. This agreement cements an already strong relationship with FINMA, and we look forward to ongoing collaboration in the fast-paced fintech environment in both countries."
Under the new agreement, ASIC will refer "innovative businesses" to FINMA to enable those firms to get help from the Swiss regulator in meeting Swiss legal requirements when seeking to offer their new products or services in the Swiss market, the Australian regulator said in a statement. ASIC will provide the same regulatory assistance to Swiss-based innovative businesses seeking to enter the Australian market through its Innovation Hub.
ASIC already participates in such a referrals system under a fintech cooperation agreement it has with the UK's Financial Conduct Authority.
ASIC and FINMA will also "exchange information on regulatory and policy issues on issues relevant to fintech, including innovation in financial services and market trends and developments", under the agreement.
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