This Co-operation Framework will enable the JFSA and ASIC to share information and support the entry of innovative fintech businesses into each other's markets.
In recent years, the JFSA has been actively involved in encouraging fintech through a range of measures including the modification of the legal system to enable financial groups to invest in finance-related IT companies more easily and establishing a legal framework for virtual currency and Open API. This Framework will encourage Japanese fintech start-ups to engage with innovative financial businesses globally.
The Co-operation Framework will enable the JFSA and ASIC to refer innovative fintech businesses to each other for advice and support via ASIC's Innovation Hub and the JFSA's FinTech Support Desk.
It also provides a framework for information sharing between the two regulators. This will enable the JFSA and ASIC to keep abreast of regulatory and relevant economic or commercial developments in each other's jurisdictions, and help to inform domestic regulatory approaches in the context of a rapidly changing global financial environment.