Capital Markets Insights

Australia & Kenya regulators partner up for fintech development

Discussion of cross-border technology concerns is agreed upon by both jurisdictions.

Both the Australian Securities and Investments Commission (ASIC) and Capital Markets Authority of Kenya (CMA) have signed a cooperation agreement in a bid to boost financial services technology for both countries.

During a board meeting in Hong Kong of the International Organization of Securities Commissions (IOSCO) both parties signed an agreement that establishes a framework that allows information to be shared on their respective markets.

The need for comparing regulatory roadblocks and learning from other markets mistakes is crucial with the global adoption of Fintech. It`s important not to confine innovation and rulesets in the fintech space by national borders.

This partnership is not the first for the ASIC as it announced in 1Q16 collaboration with the Financial Conduct Authority (FCA). The ASIC and FCA agreed to share information on emerging market trends and impact on regulation which is detailed on the FCA website: