The Australian Securities and Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) have reaffirmed their collaboration on fintech and innovation.

The regulators held talks in Sydney last week on the challenges of fostering innovation and growth in fintech while also protecting consumers and managing risks.

“ASIC and the FMA have a strong relationship in all the areas we regulate,” FMA Director of Capital Markets Garth Stanish said.

“Our mutual commitment to innovation and fintech is no different. We’ll continue to share information and views on the regulatory issues arising from emerging technology and increasing innovation.”

The regulators say they will help innovative businesses that want to cross into each other’s markets by providing referrals for advice and support.

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

“We’re pleased to further develop our relationship with the FMA and demonstrate our collaborative approach in this space,” ASIC Commissioner John Price said.

The two regulators signed an initial wide-ranging memorandum of understanding in 2012.