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Australia and UK set up FinTech Bridge to deepen collaboration between governments, regulators, and industry bodies

Australia and UK set up FinTech Bridge to deepen collaboration between governments

The Australian Treasurer, the Hon Scott Morrison MP, and UK
Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, signed
an agreement in London on 22 March, 2018 to establish a FinTech bridge.
The UK-Australia FinTech Bridge will deepen collaboration
between governments, regulators, and industry bodies in the two countries. It
will also support improved access for Australian FinTech firms to the UK
market.
The FinTech Bridge includes collaboration between Australian
and UK governments to identify emerging FinTech trends and policy issues,
enabling better policy positions. Regulatory expertise will be shared between
Australia and the UK, through closer cooperation between the Australian
Securities and Investments Commission (ASIC),
Australian Transaction Reports and Analysis Centre (AUSTRAC)  and the UK’s Financial Conduct Authority (FCA).
The regulatory authorities will facilitate the entry of
FinTech start-ups into each jurisdiction’s regulatory sandbox and explore
opportunities for quicker licence processing for FinTech firms that are already
licenced or authorised in the other country.
Joint projects will also be undertaken to identify shared
approaches and identify links between Australia and the UK.
Austrade and the
UK’s Department for International Trade (DIT)
will provide support for FinTech firms looking to expand into the other market.
This support includes providing bespoke advice and mentorship to FinTech firms
looking to expand into the UK or Australia. They will also provide a ‘one stop
shop service’ to enable firms to access legal, regulatory and practical advice
about setting up in a new market.
Matchmaking events, meetings and networking opportunities
will be facilitated for companies with potential partnership prospects, and introductions
to investors will be provided, assisted by specialist teams at Austrade and
DIT.
The collaboration also includes promoting engagement between
Australian and UK FinTech sector bodies, led by FinTech Australia and the UK’s Innovate Finance, to discuss
collaboration opportunities between FinTech businesses.
UK FinTech firms generate £7 billion in revenue annually,
employ over 61,000 people and in 2017 raised £1.3 billion of investment. Investment
in Australian FinTech in 2016 reached a high of over US$656 million. Australia
is also the second largest alternative finance market in the Asia Pacific.
Australia’s supportive
regulatory settings
and high rate of FinTech adoption presents an
attractive market for the launch and expansion of FinTech products.
In his speech at the International FinTech Conference, Mr
Morrison said, “Thanks to the support of Austrade and the UK’s Department of
International Trade, the Bridge will give businesses tailored assistance to
navigate the complexities of operating in a foreign market, such as connections
for legal, regulatory and practical advice about setting up between the two
markets.”
“These agencies will give FinTechs a networking leg-up,
while a collaboration between FinTech industry groups will facilitate stronger
business-to-business links in the sector. This is a critical aspect needed to
foster development in this fast-paced sector.”
He also highlighted existing collaboration, such as agreement
signed
in March 2017 between the Commonwealth Bank of Australia (CBA)’s London Innovation Lab
and Austrade to support Fintech innovation exchange and investment between
Australia and the UK.
In February this year, ING and CBA undertook
a RegTech pilot
in collaboration with FinTech firms and the FCA in London
which demonstrated the potential for artificial intelligence and natural
language processing in order to simplify the ways businesses meet their
regulatory compliance obligations.
ASIC has been collaborating closely with regulators in other
jurisdictions to understand developments, and to help entrepreneurs expand
their target markets into other jurisdictions.
Previously, ASIC has entered into FinTech referral and
information-sharing agreements with many regulatory authorities, including the Financial
Markets Authority of New Zealand
, Monetary
Authority of Singapore, the United
Kingdom’s Financial Conduct Authority
Ontario
Securities Commission
Hong
Kong Securities and Futures Commission
, the Japan
Financial Services Agency
Malaysia
Securities Commission
 and Abu
Dhabi Global Market Financial Services Regulatory Authority
. In addition,
information-sharing agreements have been entered with the Capital
Markets Authority, Kenya
 and Otoritas
Jasa Keuangan (Financial Services Authority of Indonesia), Indonesia
.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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