Securities Commission Malaysia (SC) and Australian Securities and Investments Commission (ASIC) have struck a cooperation agreement to promote innovation in the fintech space.

Under the agreement, the two parties have agreed to exchange information on emerging digital finance trends and regulatory issues, as well as explore joint innovation projects.

At the same time, the watchdogs have also agreed to refer innovative firms looking to enter each other’s markets.

ASIC chairman Greg Medcraft said: “This agreement will help local businesses grow beyond our borders, and improve our understanding of fintech in the region. We look forward to working more closely with our colleagues at the Malaysian Securities Commission.”

SC chairman Tan Sri Ranjit Ajit Singh added: “This collaboration between SC and ASIC in the realm of digital finance will further strengthen the cooperative arrangements between Malaysia and Australia in capital market development and regulation.”

The latest agreement comes close on the heels of a similar agreement signed between ASIC and Japan Financial Services Agency (JFSA).