ASIC, SC enter Innovation Cooperation Agreement to foster fintech innovation

Securities Commission Malaysia (SC) announced that it has entered into an Innovation Cooperation Agreement with the Australian Securities and Investments Commission (ASIC) in a move to bolster fintech innovation in respective markets.

The agreement was signed by SC Chairman Tan Sri Ranjit Ajit Singh and ASIC Chairman Greg Medcraft during the Salzburg Global Seminar on Finance that was co-chaired by the SC Chairman.

Both the agreed parties will be working together closely to share information on emerging trends and regulatory issues in digital finance. Under the agreement, both the regulators will facilitate referrals of innovative businesses that are seeking to operate in each other’s jurisdictions. It will also explore joint innovative projects relating to new technology applications.

“This collaboration between SC and ASIC in the realm of digital finance will further strengthen the cooperative arrangements between Malaysia and Australia in capital market development and regulation,” Ranjit, stated.

According to Ranjit, the cooperation agreement is an important milestone for Malaysia’s digital finance sector and also indicates development for innovative fintech businesses.

“International cooperation on fintech is essential. This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysian Securities Commission,” Medcraft commented.