The Australian Securities and Investments Commission (ASIC) and Swiss Financial Markets Authority (FINMA) have partnered to promote cross-border fintech innovation.

The two regulators are working to support fintechs to meet regulatory requirements in each other’s countries.

Switzerland is Australia’s tenth-largest source of foreign investment.

The two regulators signed the agreement last week in Madrid.

In a statement to Finextra today, ASIC Chairman Greg Medcraft said:

This expands our innovation cooperation network into continental Europe, and with Switzerland, opens up another key financial center for Australian fintech expansion. This agreement cements an already strong relationship with FINMA, and we look forward to ongoing collaboration in the fast-paced fintech environment in both countries.

Read more at Finextra and CrowdfundInsider.