Australia and China enter fintech information sharing agreement

By Addie Thomes

China, Australia’s most important trading partner, has opted into an information sharing agreement that will provide Australian companies important insight into the Chinese fintech sector.

The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) will promote innovation in financial services in their respective markets, this after EY revealed that Australia’s fintech revenues had jumped by 208% within the space of a year.

China is Australia's largest two-way trading partner in goods and services, valued at AU$155.2bn in 2016, up 3.7% on the previous year. China is also the country’s largest export market ($93bn in 2016) and our largest source of imports ($62.1bn in 2016).

RELATED STORIES:

ASIC Chairman Greg Medcraft said: “Co-operation between regulators is essential to realise the benefits of the technological revolution. Understanding new developments and their impact in overseas markets helps us to remain proactive and forward-looking in our domestic approach.

This agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, which is renowned for its success and dynamism.”

China is a world leader in fintech investment, development and adoption, particularly in customer-facing areas like payments and lending. In 2016, total investment in Chinese fintech ventures is estimated to have been AU$13bn.

Share

Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy