The Australian Securities and Investments Commission (ASIC) has signed a co-operation deal with Indonesian financial services regulator Otoritas Jasa Keuangan to promote financial services innovation.

The agreement covers information-sharing on emerging market trends and regulatory issues arising from growth in innovation.

“Many fintechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges this can create for fintech businesses and the community,” ASIC Commissioner John Price said.

Indonesia is the largest economy in southeast Asia and hosts a fast-growing financial technology sector, offering services including insurance, investment, financing, peer-to-peer lending and crowdfunding.

ASIC has already signed fintech agreements with regulators such as the Monetary Authority of Singapore, the UK’s Financial Conduct Authority, the Ontario Securities Commission and the Capital Markets Authority in Kenya.