SC, Asic sign Innovation Cooperation Agreement
KUALA LUMPUR: The Securities Commission (SC) Malaysia has signed an Innovation Cooperation Agreement with the Australian Securities and Investments Commission (ASIC) to further promote innovation in financial services in their respective markets.
In a statement yesterday, the SC said, under the agreement, it and ASIC would work closely to share information on emerging trends and regulatory issues in digital finance.
“Both regulators will also facilitate referrals of innovative businesses seeking to operate in each other’s jurisdictions, as well as explore potential joint innovation projects relating to the application of new technologies,” it said.
SC chairman Tan Sri Ranjit Ajit Singh said the agreement was an important milestone for Malaysia’s digital finance sector and was a positive development for innovative financial technology businesses seeking to expand and reach greater scale.
“Even as we continue to enable new forms of innovation in capital markets, we must not lose sight of the need to manage digital risks by taking a strategic approach to risk management, recruiting digital talent and improving IT architecture,” he said.
He said the collaboration was expected to strengthen the cooperative arrangements between Malaysia and Australia in capital market development and regulation. — Bernama