The Australian Securities and Investments Commission (ASIC) and Swiss Financial Market Supervisory Authority have signed a fintech agreement to help innovators operate seamlessly in each country.

ASIC can refer innovative Australian businesses to the Swiss regulator, where they will receive the same support offered to its local fintechs. 

The commission will provide support for Swiss businesses referred the other way through its Innovation Hub.

The two organisations will also share information on relevant fintech regulatory and policy issues, including innovation in financial services and market trends.

The rapidly growing Swiss fintech industry includes about 200 start-ups specialising in areas such as wealth management, comparative consulting, crypto-finance, data management, payment services and lending.

“This expands our innovation co-operation network into continental Europe and, with Switzerland, opens up another key financial centre for Australian fintech expansion,” ASIC Chairman Greg Medcraft said.

Switzerland is Australia’s 10th-largest source of foreign investment, worth $50.2 billion at the end of 2015.

ASIC already has fintech agreements with regulators in Singapore, the UK, Canada, Hong Kong, Japan, Malaysia and Abu Dhabi, and information-sharing agreements with Kenya and Indonesia.

Last week it discussed collaboration with the Financial Markets Authority of New Zealand.