The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and The Australian Securities and Investments Commission (ASIC) have signed a «Cooperation Agreement» to provide a framework for cooperation to support and understand financial innovation in each jurisdiction.
This latest deal is the seventh fintech referral agreement ASIC has entered into, following on from agreements with the United Kingdom, Singapore, Ontario, Hong Kong, Japan and Malaysia.
The Middle East and North Africa (MENA) are currently poised for a fintech boom, with several cities taking steps to establish themselves as fintech hubs.
To date, most fintech activity has occurred in the payments space, with startups offering services including bill payment, electronic wallets, mobile and online payment solutions.
Learning From Each Other
The United Arab Emirates (where the ADGM is located) is Australia’s largest trading partner in the Middle East, with two-way goods and services trade worth $8.8 billion in 2015.
Similar to the other fintech cooperation agreements ASIC has entered into, this Agreement will enable the FSRA and ASIC to refer innovative fintech businesses to each other for advice and support via ASIC's Innovation Hub and its ADGM equivalent, the Regulatory Laboratory known as 'RegLab'
In the latest move linking regional jurisdictions, Abu Dhabi and Australia have sealed an agreement on fintech cooperation.