UK Financial Conduct Authority and Australian Securities & Investment Commission have agreed a co-operation agreement.
The purpose of the agreement is to improve sharing of information between the regulators and refer fintech businesses from their respective Innovation Hubs. This could mean that a business applying to the FCA Innovation Hub wanting to access the Australian market would be able to use the FCA as a bridge to ASIC.
The regulatory support that they receive from FCA would be similar to the support they would receive from ASIC. A fantastic step forward for global fintech businesses.