Australian and Swiss regulators to cooperate on fintech

Thursday 2 November 2017 00:02 CET | News

Financial regulators in Australia and Switzerland have agreed a deal designed to support innovation in the use of financial technology.

The cooperation agreement was put in place between the Australian Securities and Investments Commission (ASIC) and the Swiss Financial Markets Authority (FINMA).

Under the new agreement, ASIC will refer innovative businesses to FINMA to enable those companies to get help from the Swiss regulator in meeting Swiss legal requirements when seeking to offer their new products or services in the Swiss market, the Australian regulator said in a statement. ASIC will provide the same regulatory assistance to Swiss-based innovative businesses seeking to enter the Australian market through its Innovation Hub.

ASIC already participates in such a referrals system under a fintech cooperation agreement it has with the UKs Financial Conduct Authority.

ASIC and FINMA will also exchange information on regulatory and policy issues on issues relevant to fintech, including innovation in financial services and market trends and developments, under the agreement.

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Keywords: Australia, Switzerland, regulators, fintech, cooperation, ASIC, FINMA
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce