Financial Services Agency (FSA), the financial regulator of Japan, and its Swiss counterpart Financial Market Supervisory Authority (FINMA) have signed an agreement to strengthen ties in the fintech space.
Under the agreement, the two watchdogs will mutually refer innovative firms to each other’s markets and will offer them support.
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At the same time, the regulators will also exchange information regarding fintech.
“This Cooperation Framework recognises the global nature of innovation in financial services and intends to enhance the relationship with FINMA on FinTech,” FSA said.
The latest agreement bolsters FINMA’s ties with regulators across key markets in Asia. In February this year, the Swiss regulator signed a similar agreement with Hong Kong’s Securities and Futures Commission (SFC).
The Swiss watchdog also signed fintech agreements with the Australian Securities and Investments Commission (ASIC) in October 2017 and with the Monetary Authority of Singapore (MAS) in September 2016.
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By GlobalData
