Chinese and Australian regulators are the latest to ink an information sharing co-operation agreement.
The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) have entered into an agreement to promote innovation in financial services in their respective markets. ASIC has already penned similar deals with Abu Dhabi, Hong Kong and Malaysia among others in recent months.
Under the new agreement the Chinese and Australian financial regulators will also be able to share information on regulatory technology trials. This will enable the CSRC and ASIC to keep abreast of fintech activity in each other's jurisdictions, and help to inform domestic regulatory approaches in the context of a rapidly changing global financial environment.
The Fintech Kingdom
China has now established itself as a world leader in financial technology investment, development and adoption, particularly in customer-facing areas like payments and lending.
In 2016, total investment in Chinese fintech ventures is estimated to have been $10 billion. As a further indication of the size of the market, digital payments transacted in China made up almost half the total global volume.
