China, Australia’s most important trading partner, has opted into an information sharing agreement that will provide Australian companies important insight into the Chinese fintech sector.
The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) will promote innovation in financial services in their respective markets, this after EY revealed that Australia’s fintech revenues had jumped by 208% within the space of a year.
China is Australia's largest two-way trading partner in goods and services, valued at AU$155.2bn in 2016, up 3.7% on the previous year. China is also the country’s largest export market ($93bn in 2016) and our largest source of imports ($62.1bn in 2016).
ASIC Chairman Greg Medcraft said: “Co-operation between regulators is essential to realise the benefits of the technological revolution. Understanding new developments and their impact in overseas markets helps us to remain proactive and forward-looking in our domestic approach.
This agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, which is renowned for its success and dynamism.”
China is a world leader in fintech investment, development and adoption, particularly in customer-facing areas like payments and lending. In 2016, total investment in Chinese fintech ventures is estimated to have been AU$13bn.