Australian fintech businesses wishing to operate in Malaysia have an easier path to tread after the Australian Securities and Investment Commission (ASIC) signed a co-operation agreement with the Malaysian Securities Commission (SC).

The agreement will enable the SC and ASIC to refer innovative fintech businesses to each other for advice and support via ASIC’s Innovation Hub and its Malaysian equivalent, the SC’s “alliance of FINtech community”.

This is the third Asian nation in as many weeks to become an ASIC partner following recent agreements with Hong Kong and Japan.

Malaysia has a dynamic fintech industry with high levels of digital adoption and internet penetration and was the first Asia Pacific nation to regulate crowdfunding in 2015.

Fintech investment in the Asia Pacific region has grown from $500 million in 2013 to $8.6 billion in 2016.

ASIC Chairman Greg Medcraft says the agreement will “help local businesses grow beyond our borders” and improve understanding of fintech in the region.

ASIC has fintech referral agreements with the UK, Singapore, Ontario, Hong Kong and Japan.