Thursday, 14 September 2017 | MYT 5:00 PM
SC establishes fintech cooperation agreements with major financial centres
KUALA LUMPUR: The Securities Commission (SC) has established financial technology (fintech) cooperation agreements with another three regulators in major financial centres, as it seeks to facilitate and regulate innovations in the digital finance industry.
In a statement, SC said it had established fintech bridges with the Hong Kong Securities and Futures Commission (SFC), the Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS).
This follows the first agreement signed between SC and the Australian Securities and Investments Commission (ASIC) in June 2017.
The regulator said these fintech bridges would facilitate greater information sharing on emerging trends and regulatory developments. It will also facilitate referrals of innovative businesses seeking to operate in each other’s jurisdictions and the exploration of potential joint innovation projects.
These efforts will help shape the regulatory approach and encourage the growth of digital finance within the country.
“The fintech bridges with major markets in the Asia-Pacific and the Middle East form part of the SC’s digital strategy, and build on the already well-established relationships that the SC has with these regulators.
“Such efforts will promote innovation within capital markets, and enhance the cross-pollination of digital finance concepts which will benefit financial services institutions, startups and investors alike,” SC Chairman Tan Sri Ranjit Ajit Singh said in the statement.
He added that these cooperation agreements would also shape facilitative and up-to-date regulations that would strengthen Malaysia’s market for fintech and digital innovation in capital markets.