Pro-fintech regulators the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS) have signed an innovation agreement.

ASIC and the MAS have partnered, signing an agreement to support the growth of fintech start-ups across Australia and Singapore to exchange advice, promote bi-national opportunities and reduce the risk associated with current market volatility.

This follows MAS chief executive Sopnendu Mohanty’s discussion event at Sydney-based fintech hub Stone & Chalk today to discuss collaborative efforts between Australia and Singapore. In order for fintechs to qualify for support from the new agreements, they must meet a set eligibility criteria, before then being guided through the license application and regulation processes by a dedicated team or individual.

ASIC chairmen Greg Medcraft said that the venture rose out of the understand that innovation success in the finance sector lies in international cooperation.

“We recognised that innovation in financial services isn’t confined by national borders. ASIC is committed to encouraging innovation that has the potential to benefit financial consumers and investors,” he said.

“We believe this agreement with the MAS will help break down barriers to entry both here and in Singapore.”