This is the ninth fintech agreement that ASIC has entered into, following agreements with countries such as the UK and Singapore.

The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) have signed a cooperation agreement, which looks to work together on fintech advancements in each jurisdiction.

This agreement will enable the DFSA and ASIC to refer innovative fintech businesses to each other for support provided through their respective fintech functions, the watchdogs said in a statement.

It will also provide a framework for information sharing between the two regulators, and it will also allow the two watchdogs to deepen their partnership by sharing information on regulation technology trials.

“Today’s agreement underscores our commitment to maintaining strong channels of communication with our regulatory peers and creates a regulatory framework that supports the latest developments in fintech innovation,” said Ian Johnston, chief executive of the DFSA. “We have a long-standing productive relationship with our colleagues at ASIC, which we look forward to extending to this fast-developing industry.”

This is the ninth fintech agreement ASIC has entered into, following on from agreements with the UK, Singapore, Ontario, Hong Kong, Japan, Malaysia, Abu Dhabi and Switzerland.