The Australian Securities and Investments Commission (ASIC) and its UK counterpart the Financial Conduct Authority (FCA) have agreed to extend their co-operation on fintech innovation.

The pair will explore how to expedite domestic licensing processes for fintech businesses that are already authorised in the other’s jurisdiction.

ASIC and the FCA will also co-host fintech and regtech events, conduct joint policy work and research, and explore secondment opportunities.

ASIC Commissioner John Price says the regulators have developed an immensely beneficial relationship on fintech.

“We are delighted this extension will offer fintechs the opportunity to spread good ideas across borders,” he said.

ASIC and the FCA will continue to refer innovative fintech businesses to each other for advice and support via their respective innovation hubs.