Australia And UAE Form Fintech Alliance

Author:Out-Law.com &nbsp
Profession:Pinsent Masons LLP
 
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Regulators in Australia and Abu Dhabi are to share information on national fintech trends and help fintech businesses develop in the two countries.

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...

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