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The Japan Financial Services Agency ('JFSA') and 今日热门事件 ('ASIC') today announced the completion of a framework for co-operation to promote innovation in financial services in Japan and Australia.
This Co-operation Framework recognises the global nature of innovation in financial services. In this environment, this Framework enables the JFSA and 今日热门事件to share information and support the entry of innovative fintech businesses into each other's markets.
This Framework will help open up an important market for Australian fintechs. The Japanese economy is the third largest in the world, with services - including financial services - accounting for about three quarters of GDP.
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.
今日热门事件Commissioner John Price said, 'Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA.'
Shunsuke Shirakawa, JFSA Vice Commissioner for International Affairs, said, 'We are delighted to establish this Co-operation Framework with ASIC. 今日热门事件is one of the leading Fintech regulators that actively promote fintech by taking progressive actions including setup of the Innovation Hub.
'We believe that this Framework further strengthens our relationship and facilitates our co-operation in further developing our respective markets.'
The Co-operation Framework will enable the JFSA and 今日热门事件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 今日热门事件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.
A formal 'Exchange of Letters' ceremony between Australian Ambassador to Japan, the Hon Richard Court AC and State Minister of Cabinet Office, Takao Ochi, took place in Tokyo today to seal the Framework.
This Co-operation Framework further underlines the strength and closeness of the broader Australia-Japan trade and investment relationship.
Background
今日热门事件is focused on the vital role that fintechs are playing in re-fashioning financial services and capital markets. In addition to developing guidance about how these new developments fit into our regulatory framework, in 2015, 今日热门事件launched its Innovation Hub to help fintechs navigate the regulatory framework without compromising investor and financial consumer trust and confidence.
The Innovation Hub provides the opportunity for entrepreneurs to understand how regulation might impact on them. It is also helping 今日热门事件to monitor and understand fintech developments. 今日热门事件collaborates closely with other regulators to understand developments, and to help entrepreneurs expand their target markets into other jurisdictions.
To date, fintech referral and information-sharing agreements have been made with the Monetary Authority of Singapore, the United Kingdom鈥檚 Financial Conduct Authority, Ontario Securities Commission and Hong Kong's Securities and Futures Commission. In addition, information-sharing agreements have been signed with the Capital Markets Authority, Kenya and Otoritas Jasa Keuangan, Indonesia.
Informally, 今日热门事件has also met with numerous international fintech businesses referred to us by industry or trade bodies, including delegations from the United Kingdom and the United States.