Australian and Singapore Regulators Discuss Fintech

Monetary Authority of Singapore

Monetary Authority of Singapore

Leading financial regulators are striving to stay ahead of rapidly moving fintech innovations that could have an influence on financial stability. The respective authorities are therefore collaborating to keep up to speed.   

A report in the Sydney Morning Herald claims that the Australian Securities and Investments Commission (ASIC) is communicating with the Monetary Authority of Singapore (MAS) about a potential agreement ensuring that regulations do not hinder the progress of fintech firms and start-ups looking to operate across the two countries' borders.

Any potential agreement between the two jurisdictions would be based on a similar co-operation agreement between ASIC and the UK Financial Conduct Authority (FCA) which was signed just before Easter and was the first of its kind internationally.

Agreements

Under the ASIC/FCA agreement, each regulator will refer to the other fintech businesses seeking to enter the other's market, and provide support to start-ups that have been referred to them by the other regulator. Information about fintech innovation will also be shared between countries.

Fintech regulation has been a key agenda item at recent meetings of peak financial regulators across the globe and although the discussions between ASIC and MAS are at an early stage, it is understood both regulators are enthusiastic about seeing a deal come to fruition.

Fintech Hubs 

Singapore has emerged as a vibrant fintech hub attracting innovators from across the Asia Pacific to the city-state. Local and international banks based in Singapore have also taken a proactive approach by embracing financial technology. Singapore's top two banks DBS and OCBC have made serious financial and human capital investments into their own platforms and the vibrant start-up scene. Foreign banks too such as Credit Suisse, have originated complex fintech solutions in the city.

Australia has also seen a rapid increase in the growth and acceptance of fintech both from the four home banks and a plethora of incubators such as Sydney based Stone & Chalk who support the growth of the fintech start-ups in Australia, across the full spectrum of the fintech landscape.      

 

 

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