The China Securities Regulatory Commission (CSRC) and the Australian Securities and Exchange Commission Investments (ASIC) have signed a market cooperation agreement for each country. According to the agreement, the two regulators will share and use information on emerging market trends and developments to promote Fintech innovations.
According to Shiyu Liu, president of the CSRC, the various developments in the financial technology sector have offered several opportunities. "In recent years, the rapid development of FinTech has created many opportunities to introduce new financial services, improve financial inclusion and meet the needs of investors. .
Importance of the alliance between the countries
The partnership should benefit both China and Australia, as these two countries are also important trading partners. In 2016, China is Australia's largest bilateral trading partner of goods and services in a market worth $ 155.2 billion. China is also Australia's largest market for both exports and imports.
In addition, the ASIC claimed that China is the largest market for fintech investments in the world. Retail payment platforms Alipay and WeChat Pay, based in China, have an estimated number of users of the combined platform of 1.1 billion. In his comment on the partnership, ASIC President Greg Medcraft said the collaboration is an excellent opportunity for both countries to learn more about the financial technology sector. .
"This agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, known for its success and dynamism, and we look forward to sharing our ideas and experiences. on regtech with the CSRC. "
" The agreement between CSRC and ASIC will provide an effective channel for the exchange in timely information on developments in information technology and regulatory issues and strengthen regulatory cooperation between the two authorities. "