A Week-Long FinTech Collaboration Between Australia and UK Industry Experts
In a significant move to bolster the FinTech industry, representatives from the UK's Financial Conduct Authority (FCA) and Australia's Australian Securities and Investment Commission (ASIC) have recently signed an agreement. The aim of this accord is to reduce barriers for authorised firms looking to grow and scale overseas, providing a boost for innovative FinTech companies in both countries.
Chris Woolard, Strategic Director at the FCA, and Shaul David, UK Trade and Investment's FinTech specialist, are currently in Australia to participate in a series of meetings and events aimed at strengthening links with the Australian FinTech community. The goal is to help reduce regulatory uncertainty and time to market for these innovative businesses.
The visit began with a UK Trade & Investment breakfast roundtable at KPMG Sydney, where the duo engaged with leaders from the Australian FinTech community. Several meetings with individual Australian FinTech startups are also planned, as part of an effort to share the UK FinTech experience and help Australian companies identify opportunities for growth and expansion to the UK and beyond.
David, who is in Australia to promote the UK FinTech sector, believes there are great opportunities for the UK and Australia to collaborate and learn from each other. The focus of the events has been navigating the regulatory challenges facing both Australia and the UK, with the regulators providing support to innovative businesses before, during, and after authorisation.
The agreement between the FCA and ASIC is just one example of how the two countries can work closely to build bridges of innovation. The event attracted over 150 of Sydney's brightest in FinTech, including representatives from start-ups, regulators, and investors.
A lunch briefing at start-up incubator Blue Chilli on emerging trends, the UK FinTech landscape, and opportunities for Australian businesses to expand is also scheduled. During the event, Christopher Woolard, Director of Strategy and Competition at the FCA, made a statement emphasising the importance of cross-border collaboration in the FinTech sector.
Historically, the FCA and ASIC have engaged in cooperation and information sharing to support cross-border FinTech innovation and regulatory alignment. However, for the most accurate and up-to-date details on this specific agreement, it is recommended to check official communications from both the FCA and ASIC websites or recent press releases.
The strategic director at the FCA, Chris Woolard, is currently in Australia collaborating with the Australian FinTech community to reduce regulatory uncertainty for innovative businesses in the finance sector. The visit aims to promote cross-border growth and scaling for FinTech companies in both the UK and Australia, leveraging technology to achieve this goal.
