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Organizations confirm Innovation Co-operation Agreement during Salzburg Global Forum on Finance in a Changing World
Securities Commission Malaysia (SC) and the Australian Securities and Investments Commission (ASIC) marked the start of a new partnership with a signing ceremony at Salzburg Global.
Both organizations have entered an Innovation Co-operation Agreement to encourage innovation in fintech services in their respective markets.
Ranjit Ajit Singh, chairman of SC, and Greg Medcraft, chairman of ASIC, signed the agreement while attending the Salzburg Global Forum on Finance in a Changing World - Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? The signing event took place at Schloss Leopldskron.
In a media release, SC said both organizations would work closely to share information on emerging trends and regulatory issues in digital finance. They will also facilitate referrals of innovative businesses looking to operate in each other's jurisdictions and review potential joint innovation projects linked to the application of new technologies.
Singh said, “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 architectures.
"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."
Medcraft sits on Salzburg Global's Board of Directors and chaired last year's Salzburg Forum on Global Finance in a Changing World - Financing the Global Economy: How Can Traditional and Non-Traditional Sources Be Integrated?
Commenting on the agreement, Medcraft said, "International cooperation on fintech is essential. 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."
Singh was co-chair of the Salzburg Global Forum on Finance in a Changing World - Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System?
This year's Forum explored the emerging risks facing global financial markets and the prospects for supporting economic growth in the future. Participants were asked to consider whether better systems to co-ordinate global financial regulation existed and the risks arising from the increasing fragmentation of markets.
The Salzburg Global program Global Challenges, Regional Responses: How Can We Avoid Fragmentation in the Financial System? is part of the multi-year series Salzburg Global Forum on Finance in a Changing World. The session is hosted in partnership with Ernst & Young, HSBC, JP Morgan Chase & Co., Oliver Wyman and supported by Clearly Gottlieb, Davis Polk, Deutsche Bank, Buckley Sandler, The Cynosure Group, Dynex Capital Inc., and State Street. More information on the session can be found here: www.salzburgglobal.org/go/580