Malaysia and Australia Securities Commissions Sign Agreement to Strengthen Fintech
The Securities and Exchange Commission of Malaysia (SC) has announced that it has signed a cooperation agreement with the Australian Securities and Exchange Commission (ASIC) in a move to boost innovation in the respective financial technology markets.
Both sides will work closely to share information on emerging trends and policy issues in digital finance. Under the agreement, both regulators will provide referrals from innovative companies seeking to operate in each other’s jurisdictions. It will also explore innovative joint projects related to new technological applications.
The agreement was signed by SC Tan President Sri Ranjit Ajit Singh and ASIC President Greg Medcraft during the Salzburg Global Finance Seminar co-chaired by President SC.
“This collaboration between SC and ASIC in the realm of digital finance will further strengthen the cooperative arrangements between Malaysia and Australia in capital market development and regulation,” said Ranjit.
The cooperation agreement is an important milestone for Malaysia’s digital finance sector and also indicates the development of innovative Fintech companies.
“International cooperation on fintech is essential. This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysian Securities Commission.” he said. Said Greg Medcraft, president of ASIC.
It is clear that, at present, the need to manage digital risks should not be overlooked, this agreement will bring important benefits for both parties by adopting a strategic approach to risk management, digital talent recruitment and Improvement of IT architectures. This agreement is undoubtedly part of the economic and technological growth of Malaysia and Australia.
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