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Australia and Malaysia sign agreement on FinTech cooperation

Australia and Malaysia sign agreement on FinTech cooperation

Following the establishment of a framework for co-operation on FinTech innovation with the Japan Financial Services Agency (JFSA) earlier this week, the Australian Securities and Investments Commission (ASIC) signed a Co-operation Agreement with the Malaysia Securities Commission (SC) on June 27 2017. This agreement expands ASIC’s FinTech cooperation network in Asia. Investment in FinTech in the region has been growing exponentially in recent years, with total investment in 2016 reaching $8.6 billion, up from $0.5 billion in 2013.

The agreement will  also enable the SC and ASIC to refer innovative FinTech businesses to each other for advice and support via ASIC’s Innovation Hub and its Malaysia equivalent, the SC’s ‘alliance of FINtech community’ (‘aFINity’). In addition, the agreement provides a framework for information sharing between the two regulators. This will enable ASIC to keep abreast of regulatory and relevant economic or commercial developments in Malaysia and to use this to inform Australia’s regulatory approach. The Innovation Hub and aFINity offer assistance to innovative FinTech businesses to understand the regulatory regimes in each of their jurisdictions. This Agreement means Australian FinTech businesses wishing to operate in Malaysia will now have a simple pathway for engaging with the SC, and vice versa.

“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 Malaysia Securities Commission,” said ASIC Chairman Mr. Greg Medcraft. SC Chairman Mr. Ranjit Ajit 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 co-operative arrangements between Malaysia and Australia in capital market development and regulation”. This is the sixth FinTech referral agreement ASIC has entered into, following on from agreements with the United Kingdom, Singapore, Ontario, Hong Kong and Japan.

Malaysia and Australia share a long history of cooperation which is reflected in the close relationship of the SC and ASIC. Since 1998, the SC and ASIC have had a Memorandum of Understanding to provide assistance and mutual cooperation in relation to a range of compliance, supervision and enforcement duties. More recently, in 2013 the SC and ASIC jointly hosted a forum on market surveillance. Both regulators are also currently involved in an Asia-Pacific Regional Supervisory College initiative aimed at enhancing our supervisory cooperation and facilitating information sharing in the region.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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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.

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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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