China and Australia Cooperate in Financial Technology.
The China Securities Regulatory Commission (‘CSRC’) and the Australian Securities and Investments Commission (‘ASIC’) have signed an agreement yesterday to promote innovation in financial services in their respective markets.
This agreement ensures that the two controllers, will use and share information on emerging markets, trends and everything that is development that is responsible for promoting any concept related to financial technology (Fintech).
The Agreement provides a framework for the exchange of information between the two regulators on trends and developments in emerging markets, as well as regulatory developments related to innovation in financial services. This will allow CSRC and ASIC to keep abreast of fintech activity in the jurisdictions of others, and help inform national regulatory approaches in the context of a rapidly changing global financial environment.
In recognition of the importance of regulators keeping pace with the fintech industry, The Agreement also specifically stipulates that CSRC and ASIC will collaborate by sharing information on regulatory technology trials ( ‘regtech’).
By signing the agreement, the ASIC president, Greg Medcraft said: “Cooperation between regulators is essential to realize the benefits of the technological revolution. Understanding new developments and their impact on foreign markets helps us to be proactive and progressive in our national approach. This Agreement represents a great opportunity for us to learn more about the Chinese fintech sector, which is famous for its success and dynamism. We also hope to share our ideas and experiences in Regtech with the CSRC. “
Shiyu Liu, CSRC president, said: “In recent years, the rapid development of fintech has created ample opportunities to introduce new financial services, improve financial inclusion and meet the needs of investors. However, financial market regulators around the world also face new requirements and challenges posed by market innovations. The Agreement between CSRC and ASIC will provide an effective channel for the timely exchange of information on fintech developments and regulatory issues, and will improve regulatory cooperation between the two authorities. “
The Cooperation Agreement for the exchange of information underlined plus the relationship of the broader trade and investment relationship between Australia and China. China is the largest bilateral trade partner of goods and services of Australia (with a value of AU $ 155.2 billion in 2016, an increase of 3.7% over the previous year). China is also Australia’s largest export market (AU $ 93 million in 2016) and Australia’s largest source of imports (AU $ 62.1 million in 2016).
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