The Australian Securities and Investments Commission (ASIC) has joined forces with US and Luxembourg market regulators to build on each other’s efforts in the fintech and regtech sectors.
ASIC has signed separate bilateral agreements with the US Commodity Futures Trading Commission (CFTC) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) to better understand and promote the growing fields.
The Cooperation Arrangement on Financial Technology Innovation (Fintech Arrangement) with the US focuses on information-sharing regarding fintech market trends and developments.
It also links the two commissions' fintech initiatives, the LabCFTC and ASIC's Innovation Hub, to help emerging fintech and regtech businesses enter each other’s markets.
Australia’s Innovation Hub has already supported over 300 businesses and authorised 60 fintech operations since its inception in 2015. LabCFTC has engaged with over 200 organisations since its launch in May last year.
The Luxembourg agreement follows similar rails, providing a framework for information sharing on fintech and regtech in the two regulators' jurisdictions.
Neither the CFTC nor CSSF is part of the international coalition pushing for a regtech sandbox ASIC is working to establish with 11 other regulators.
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