The Australian Securities and Investments Commission (ASIC) has signed an agreement with its Chinese counterpart to jointly promote fintech across the two markets.

The deal with the China Securities Regulatory Commission offers insights on a national market that accounts for almost half the world’s digital payment volumes.

“Co-operation between regulators is essential to realise the benefits of the technological revolution,” ASIC Chairman Greg Medcraft said.

“This agreement represents an exciting opportunity for us to learn more about the Chinese fintech sector, which is renowned for its success and dynamism.”

The two regulators will share information on emerging market trends and developments, and regulatory changes around innovation in financial services.

ASIC has signed similar deals with other regulators in the past year, including in Japan, Singapore, Hong Kong, the UK and the Canadian province of Ontario.