The agreement aims to encourage innovation in financial services in Switzerland and Australia, and to support financial services innovators in meeting legal requirements when operating in each country.
ASIC Chairman Greg Medcraft said "This expands our innovation cooperation network into continental Europe, and with Switzerland, opens up another key financial centre for Australian fintech expansion."
The Agreement enables ASIC to refer innovative businesses to FINMA, where they will receive the same level of support offered to local fintechs. ASIC will also accept referrals from FINMA, and provide support for these innovative businesses through its Innovation Hub. This includes dedicated contacts in each regulator and support prior to and during the authorisation process.
Under the Agreement, ASIC and FINMA will exchange information on regulatory and policy issues on issues relevant to fintech, including innovation in financial services and market trends and developments.