Regulators in Australia and Singapore have signed an agreement to help innovative financial technology companies expand in each other’s markets.

The deal was struck between the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC), which is also seeking to ease local hurdles for start-ups after last year launching a fintech innovation hub.

ASIC Chairman Greg Medcraft says the deal recognises financial services innovation is not confined by national borders.

“We believe this agreement with the MAS will help break down barriers to entry both here and in Singapore,” he says.

The deal will help companies in the two countries start discussions and receive advice on required licences, helping to reduce regulatory uncertainty and time to market.

MAS says it also expects to partner with ASIC on technologies such as digital and mobile payments, blockchain and distributed ledgers, Big Data and application programming interfaces.

The regulators will share information on emerging market trends and their impact on regulation.