British, Australian regulators sign fintech support pact

Physical bitcoins. Credit: Flickr/Antana

Financial regulators in Australia and United Kingdom signed a cooperation agreement on Wednesday to help financial technology companies expand into each other’s markets, Australia’s securities watchdog said.

Financial technology – or fintech – companies use technology to make financial services more efficient. Some fintech innovations include automated financial advice, crowd-sourced equity funding, digital payments and blockchain business models.

Under the agreement, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) will refer to one another “innovative businesses” seeking to expand to help break down barriers to entry, ASIC said in a statement.

The global tech revolution is poised to shake up the financial services industry. Fintech industries in the UK and Australia are estimated to have annual revenues of around A$12.5 billion ($9.52 billion) and A$1.3 billion respectively, with both growing rapidly.

ASIC said it has dealt with over 75 innovative start-ups including granting 10 licences while the FCA’s innovation hub has supported over 200 businesses and authorised 18.

Banks globally are beefing up their fintech operations in response to growing competition from smaller digital rivals. According to estimates from KPMG, over a quarter of current Australian banking industry revenue, or about A$27 billion, was at risk from “digital disruptors”.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.