ADGM, Japan regulators tie-up for fintech

The Financial Services Agency of Japan, FSA, and the Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, on Thursday announced the completion of a framework for cooperation to promote innovation in financial services in Japan and the ADGM.

The cooperation framework recognises the global nature of innovation in financial services. It will enable FSA and FSRA to refer innovative fintech businesses to each other for advice and support via FSA's FinTech Support Desk and FSRA's Regulatory Laboratory, RegLab. It also provides a framework for information sharing between the two regulators. This will enable FSA and FSRA to keep abreast of regulatory and relevant economic or commercial developments in each other's jurisdictions, and help to inform domestic regulatory approaches in the context of a rapidly changing global financial environment. In recent years, FSA has been actively involved in creating a supportive environment for fintech startups, through a range of measures including the modification of the legal system and establishment of FinTech Support Desk. In addition to these initiatives, the framework will encourage Japanese fintech startups to engage with innovative financial businesses globally.

Shunsuke Shirakawa, FSA Vice-Commissioner for International Affairs, said: "We are delighted to establish this cooperation framework with FSRA. We believe that this framework facilitates our cooperation and contributes to further development of fintech innovation and our respective markets."

Source: Khaleej Times