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Australia and UAE form fintech alliance

Regulators in Australia and Abu Dhabi are to share information on national fintech trends and help fintech businesses develop in the two countries.28 Jul 2017

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and Australian Securities and Investment Commission (ASIC) have agree to share information and refer innovative fintech businesses to each other for advice and support, ASIC said.  

The UAE is Australia’s largest trading partner in the Middle East, with two-way goods and services trade worth AU$8.8 billion ($7 billion) in 2015, ASIC said.

"The Middle East and North Africa (MENA) are currently poised for a fintech boom, with several cities taking steps to establish themselves as fintech hubs. To date, most fintech activity has occurred in the payments space, with startups offering services including bill payment, electronic wallets, mobile and online payment solutions," ASIC said.

ASIC chairman Greg Medcraft said: "Fintech developments are not confined by national borders. Each country and region has a different experience with fintech, and there is much we can learn from engaging with one another. This agreement will help to connect Australian fintech businesses with a range of exciting opportunities in a region ripe for further development."

This is the seventh fintech referral agreement ASIC has entered into, following agreements with the United Kingdom, Singapore, Ontario, Hong Kong, Japan and Malaysia, it said.

Speaking at a a startup bootcamp event that considered the international aspects of fintech, technology law expert Luke Scanlon of Pinsent Masons, the law firm behind Out-Law.com said: "There is real potential for greater international alignment in fintech and opportunities for businesses to challenge the traditional approaches taken by businesses. A collaborative / banking as a platform environment will in the next few years begin to gain significant traction."

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