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.