Australian fintechs will find it easier to do business in Dubai after the Australian Securities and Investments Commission (ASIC) signed a co-operation agreement with the local regulator.

The deal with the Dubai Financial Services Authority (DFSA) also enables the regulators to share information, including the results of regtech trials.

ASIC Commissioner John Price says regtech is increasingly important, and this “new frontier” in co-operation will benefit regulators and businesses alike.

Under the agreement ASIC and the DFSA will refer innovative fintechs to one another.

The Dubai regulator currently allows companies to apply for a restricted financial services licence, with holders allowed to test new products, services and business models within a more flexible regulatory environment for a limited time.

Dubai recently established initiatives aimed at encouraging fintech innovation, including the FinTech Hive accelerator program and Dubai Future Accelerators, which involves an intensive nine-week program pairing technology companies with government organisations.

This is the ninth fintech referral agreement ASIC has signed, following deals with the UK, Singapore, Ontario, Hong Kong, Japan, Malaysia, Abu Dhabi and Switzerland.