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UK, Australia Sign Stronger FinTech Innovation Pact

The U.K. and Australia are strengthening an existing collaborative agreement to promote FinTech innovation, according to reports in Mondo Visione.

The U.K. Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) announced their Enhanced Cooperation Agreement between their Innovation Hubs, broadening their existing agreement to collaborate and cooperate on FinTech innovation.

The expanded agreement is part of what’s called the FinTech Bridge, signed by the U.K. Chancellor of the Exchequer and the Australian Treasurer.

Details of the expanded collaboration include an agreement to accelerate the licensing process, reports said, with a focus on authorizing business innovators that are already authorized in the other jurisdictions. For instance, if a company is already participating in the U.K.’s regulatory sandbox, the agreement will look to make it easier for that firm to participate in Australia’s as well.

The regulators will also continue to facilitate communication to support one another’s Innovation Hubs, reports noted.

“ASIC and the FCA have developed an immensely beneficial relationship on FinTech, including through our quarterly information sharing calls,” said ASIC Commissioner John Price in a statement. “We are delighted this extension will offer FinTechs the opportunity to spread good ideas across borders. We will work together to raise topics and approaches of common interest at an international level.”

“Today’s enhanced agreement underscores the FCA’s and ASIC’s commitment to a deeper level of cooperation on FinTech,” added FCA executive director of strategy and competition, Christopher Woolard, in another statement. “Cooperation between regulators is a vital part of helping innovative businesses across international jurisdictions to flourish and bring their products to market for the benefit of consumers. Back in 2016, when we signed the original agreement with ASIC, we stated that we hoped that it would be the first of many to come. I am pleased to say that this has certainly been the case.”

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