Regulators in Australia and Abu Dhabi Sign Agreement in Push Towards Fintech

Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term is all the rage in the markets nowadays, and in a move to show how much it is valued globally, Abu Dhabi and Australia have sealed a cooperation agreement in the fintech field.

Their respective financial authorities, the Financial Services Regulatory Authority (FSRA) and the Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term), and have signed a cooperation agreement to set this in motion. This follows Abu Dhabi Global Markets signing a similar agreement with the Cypriot regulator in March.

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The Middle East and North Africa are expected to lead the next wave in the financial space and hence this agreement assumes added significance. Already, the UAE (where Abu Dhabi is located) is Australia’s largest trading partner, with trade in goods and services between them worth more than $8.8 billion. This agreement is expected to expand things even further.

After the signing of the agreement, ASIC Chairman Greg Medcraft said: "Fintech developments are not confined by national borders. Each country and region has a different experience with fintech, and there is much we can learn from engaging with one another. This Agreement will help to connect Australian fintech businesses with a range of exciting opportunities in a region ripe for further development."

ASIC has already entered into such agreements with the United Kingdom, Singapore, Ontario, Hong Kong, Japan and Malaysia, but this agreement is expected to give it a foothold in a region which has been seeing explosive growth over the last few years, as evidenced by the growing number of startups and accelerators.

This agreement is expected to enable both sides to understand their respective regulatory requirements, in order to help fintech businesses receive support and advice when required. This will, in turn, boost the companies and help them to expand their footprints in different jurisdictions around the world.