The UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have inked an agreement to extend the existing fintech ties between the two markets.
The agreement, which is part of the broader fintech bridge signed by the UK Chancellor of the Exchequer and the Australian Treasurer, will enable the two watchdogs to accelerate the licensing process for inbound innovative firms.
At the same time, the regulators will mutually facilitate the entry of participants in their sandbox into the other’s sandbox.
Under the agreement, the regulators will also jointly host fintech and regtech events, carry out policy work and research, explore secondment opportunities, as well as raise topics of common interest at an international level.
Commenting on the partnership, FCA executive director of strategy and competition Christopher Woolard said: “Cooperation between regulators is a vital part of helping innovative businesses across international jurisdictions to flourish and bring their products to market for the benefit of consumers. Back in 2016 when we signed the original agreement with ASIC, we stated that we hoped that it would be the first of many to come.”
ASIC commissioner John Price added: “ASIC and the FCA have developed an immensely beneficial relationship on FinTech, including through our quarterly information sharing calls. We are delighted this extension will offer FinTechs the opportunity to spread good ideas across borders.”