An agreement between national regulators will give fintech companies in Australia and the UK more support when they attempt to enter each other’s markets.

The Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA) aim to help innovative businesses by reducing regulatory uncertainty, red tape and time to market.

It is not the first time the two regulators have co-operated on measures to support innovative companies.

Last April ASIC adopted the FCA’s “innovation hub” concept, to help businesses navigate financial regulation requirements. The regulator has since assisted more than 75 start-ups.

ASIC Chairman Greg Medcraft says the agreement with the FCA will break down barriers between Australia and the UK.

“Since ASIC launched its innovation hub last year we have seen a surge in requests by fintech start-ups seeking assistance about how to navigate the regulatory requirements,” he said.

FCA Director of Strategy and Competition Christopher Woolard says innovation in financial services should not be limited by national borders.

“It’s important we support overseas businesses that have new ideas that could benefit British consumers,” he said.

ASIC and the FCA have also agreed to share information on emerging market trends and their impact on regulation.