Banking News

ASIC secures Hong Kong fintech agreement

ASIC secures Hong Kong fintech agreement

(16 June 2017 – Australia) The Hong Kong Securities and Futures Commission (SFC) has signed a co-operation agreement with the Australian Security and Investment Commission (ASIC) on financial innovation.

The agreement between the two regulatory bodies builds on existing trade and investment relationships between Hong Kong and Australia.

A statement by ASIC noted Hong Kong was the seventh most important destination for Australian services exports at $2.4 billion last year – and the sixth largest source of service imports ($3 billion).

"The agreement will enable the SFC and ASIC to refer innovative fintech businesses to each other for advice and support via ASIC's Innovation Hub and its Hong Kong equivalent, the SFC's Fintech Contact Point," said ASIC.

"This means Australian fintech businesses wishing to operate in Hong Kong will now have a simple pathway for engaging with the SFC, and vice versa."

ASIC commissioner Cathie Armour, who signed the agreement, said, "Financial services are a major contributor to Hong Kong's US$316 billion economy.

"The co-operation agreement is a significant boost for Australia's burgeoning fintech sector and will ease entry into this important market for innovative Australian businesses."

The agreement with Hong Kong marks the fourth fintech agreement ASIC has entered into, following agreements with the UK, Singapore and Ontario (Canada).

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