The Australian Securities and Investment Commission (ASIC) and the China Securities Regulatory Commission(CSRC) shares an agreement of Fintech Cooperation. Since under the deal, both regulators will share and employ information on market trends and development to promote fintech innovations.
According to Shiyu Liu, chairperson of CSRC, the different sectors of Fintech are offering many prospects. Thus, to fulfill the requirements of investors with new financial services.
“In the past few years, the rapid development of fintech has created ample opportunities to introduce new financial services, enhance financial inclusion and fulfill investors’ needs”.
Imperativeness of the coalition amid the countries
Particularly, the agreement underlines the importance of China-Australia trade and investment relationship. Since China is Australia’s largest mutual trading partner in goods and service market worth of $155.2 bln. However, the China is also Australia’s largest import and export market.
According to ASIC, in fintech investment, adoption, development, China is a “World leader” mainly niches like payment and lending.
ASIC Chairman Greg Medcraft adds,
“Understanding new developments and their impact in overseas markets help us to remain proactive and forward-looking in our domestic approach. his Agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, which is renowned for its success and dynamism. We also look forward to sharing our insights and experiences on regtech with the CSRC”.
“The Agreement between CSRC and ASIC will provide an effective channel for timely exchange of information on fintech developments and regulatory issues and enhance regulatory cooperation between the two authorities”.
At a glance, the agreement is a base for information sharing between the two regulators on market trends and developments. Besides, also the regulatory developments relating to financial services. Furthermore, it enables the ASIC and CSRC to keep aside of fintech activity in each other’s authorities. Lastly, helps to inform domestic regulatory approaches in the context of a promptly changing global financial environment.