The Australian Securities and Investments Commission (ASIC) and Japan’s Financial Services Agency (JFSA) will jointly promote fintech businesses under an agreement signed on Friday, as the local regulator seeks to build the fast-growing industry.

ASIC has made similar arrangements elsewhere, most recently with Hong Kong’s Securities and Futures Commission.

It has also agreed to promote the fintech sector with the UK, Singapore and Canada’s Ontario province.

“Japan has been a world leader in technology for a long time,” ASIC Commissioner John Price said.

“As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA.”

ASIC will refer innovative fintech businesses to its Japan counterpart for advice and support, and vice-versa. The two regulators will also exchange information, including on regulatory, economic or commercial developments in each other’s jurisdictions.