ASIC signs fintech agreement with Malaysia

ASIC signs fintech agreement with Malaysia

Larissa Waterson

Last Updated: 30 June 2017 Published: 30 June 2017

ASIC has signed a fintech agreement with Malaysia that seeks to foster greater co-operation around financial innovation between the two countries.

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In a statement yesterday, ASIC announced it signed an agreement on fintech co-operation with the Malaysia Securities Commission.

Similar to the co-operation agreements ASIC has entered into with Hong Kong and Japan, this agreement will enable the Malaysia Securities Commission and ASIC to refer innovative fintech businesses to each other for advice and support via ASIC's Innovation Hub and its Malaysia equivalent - the alliance of FINtech community ('aFINity').

The agreement will enable ASIC to keep abreast of regulatory and relevant economic or commercial developments in Malaysia and to use this to inform its own regulatory approach, the statement said.

ASIC chairman Greg Medcraft said international co-operation on fintech is essential.

"This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region," Mr Medcraft said.

"We look forward to working more closely with our colleagues at the Malaysia Securities Commission."

SC chairman Ranjit Ajit Singh said the agreement will further strengthen the co-operative arrangements between Malaysia and Australia in capital market development and regulation.

"Even as we continue to enable new forms of innovation in capital markets, we must not lose sight of the need to manage digital risks, by taking a strategic approach to risk management, recruiting digital talent and improving IT architectures," he said.