ASIC announced the completion of a framework for co-operation to promote “innovation in financial services in Japan and Australia” on Friday.
The Japan Financial Services Agency (JFSA) and ASIC will open up an “important market for Australian fintechs”, according to a statement by the Australian regulator.
“The Japanese economy is the third largest in the world, with services – including financial services – accounting for about three-quarters of GDP,” said ASIC.
“The JFSA has been actively involved in encouraging fintech through a range of measures including the modification of the legal system to enable financial groups to invest in finance-related IT companies more easily and establishing a legal framework for virtual currency and open API.”
ASIC commissioner John Price said, “Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA.”
JFSA vice commissioner for international affairs Shunsuke Shirakawa said, “We are delighted to establish this co-operation framework with ASIC. We believe that this framework further strengthens our relationship and facilitates our co-operation in further developing our respective markets.”
The agreement was marked with a formal ‘exchange of letters’ ceremony between Australian ambassador to Japan Richard Court AC and State Minister of Cabinet Office Takao Ochi in Tokyo on Friday.
