Australia and Abu Dhabi will cooperate on fintech

By David Tuckwell on Thursday 27 July 2017

Alternative Lending

The new deal will ease Aussie fintechs' passage to the Middle East

Australia’s corporate cop ASIC has proved itself a prolific deal-maker, inking in its seventh deal with a foreign government.

The Australian financial services regulator has inked in a new fintech cooperation agreement with its United Arab Emirates’ counterpart.

The deal, the seventh of its kind ASIC has made with a foreign regulator, will commit both regulators to share information on fintech and help one another’s companies enter each market.

“This agreement will help to connect Australian fintech businesses with a range of exciting opportunities in a region ripe for further development," said ASIC chairman Greg Medcraft said in a press release.

The UAE is Australia's largest Middle Eastern trading partner, with total trade worth A$9 billion in 2015. ASIC has locked up similar agreements with Hong Kong, Japan, Malaysia, Canada, Singapore, and the United Kingdom.

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