Fintechs will find it easier to access Hong Kong’s lucrative financial services market thanks to an Australian Securities and Investments Commission (ASIC) deal with the Chinese territory’s Securities and Futures Commission (SFC).

The co-operation agreement enables the two regulators to refer fintech businesses to one another for advice and support via ASIC’s Innovation Hub and its Hong Kong equivalent, the SFC’s Fintech Contact Point.

The Innovation Hub and Fintech Contact Point will also help businesses understand regulatory regimes in each jurisdiction.

Last year Hong Kong was Australia’s seventh-largest destination for service exports, valued at $2.4 billion, and the sixth-largest source of service imports, at $3 billion.

The agreement will also help ASIC keep abreast of regulatory and economic or commercial developments in Hong Kong, which can inform its own regulatory approach.

“Financial services are a major contributor to Hong Kong’s $US316 billion ($416.66 billion) economy,” ASIC Commissioner Cathie Armour said.

“The co-operation agreement is a significant boost for Australia’s burgeoning fintech sector and will ease entry into this important market for innovative Australian businesses.”

This is the fourth fintech referral agreement ASIC has made, following deals with the UK, Singapore and the Canadian province of Ontario.