Regulators in China, Australia will swap notes on local fintech, regtech advances
A new cooperative agreement between the governments of China and Australia hopes to gain new insight on fintech trends in each nation, and also to gather data on experimentation with regtech.
The agreement between the Australian Securities and Investment Commission and the China Securities Regulatory Commission will see the two parties share information related to emerging themes in financial technology, or fintech, according to CNBC.
They also plan to provide information on trials with regulatory technology, which is an offshoot of fintech that hopes to make the regulatory compliance process easier for both businesses and governments alike.
“Cooperation between regulators is essential to realize the benefits of the technological revolution,” ASIC Chairman Greg Medcraft said. “Understanding new developments and their impact in overseas markets helps us to remain proactive and forward-looking in our domestic approach.”
CSRC Chairman Shiyu Liu said he hopes fintech and regtech will continue to help both countries introduce new financial services, enhance financial inclusion, and also fulfill the needs of investors. But he noted that regulators around the globe face new challenges from such technological changes, thus spawning the alignment and sharing of information with Australian officials.
“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,” Liu said.
China has made efforts to get control of the market as financial changes come at the nation fast and furious. In June, the company initiated a sweeping Cybersecurity Law that imposes new regulatory obligations on companies, network providers and individuals using the internet, including making companies undergo compulsory reviews of network equipment.
The country of over 1 billion also banned initial coin offerings in September, dealing a serious blow to cryptocurrencies like bitcoin, and forcing some local currencies to move offshore.