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FinTech proponents across the UK and Australia will see the cohesion of regulatory authorities in both countries as startups and firms expand into each others markets, prompting a heightened level of cooperation.
More specifically, both the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have signed a cooperation agreement that facilitates the expansion of FinTech startups in each respective regulatory jurisdiction. The initiative was designed to help eliminate select barriers to entry into both the UK and Australian market, which helps streamline business innovation across a variety of channels.
These include, among others, automated financial advice, crowd-sourced ... (read more)