Australia and China have announced a new collaborative fintech partnership, which is designed to promote the latest financial and technological developments in their respective markets.
The Australian Securities and Investments Commission (ASIC) has entered into a deal with the China Securities Regulatory Commission (CSRC) that outlines both parties' commitment to sharing information on the latest developments in fintech that could benefit investors, businesspeople and consumers in each country.
Entitled 'The Information Sharing Cooperation Agreement', the deal reaffirms the value of trade and business links between Australia and China. The pair's trade relationship is valued at some $155.2 billion as of the end of 2016, making China Australia's largest two-way trading partner. The relationship's total value increased 3.7 per cent over the preceding 12 months.
China is the largest export market for Australia, with $93 billion worth of goods and services shipped to the country last year, as well as being the biggest source of imports ($62.1 billion in 2016).
What's more, China is a key player in the global fintech market, with investment in its own fintech projects amassing to a predicted $13 billion last year.
In particular, the country's drive to promote digital forms of payment is huge, with more than half of all payments of this type recorded across the globe last year coming from the Chinese market alone.
Therefore, thanks to this new partnership, Australia has the opportunity to benefit from China's insight and experience in the fintech space, potentially increasing its own standing in the sector as a result.
Greg Medcraft, chairman of the ASIC, commented: "Cooperation between regulators is essential to realise the benefits of the technological revolution."
Chairman of the CSRC Shiyu Liu added: "The agreement between CSRC and ASIC will provide an effective channel for timely exchange of information on fintech developments and regulatory issues, and enhance regulatory cooperation between the two authorities."
