Ease of movement of people, capital, services and data across borders
The Government will continue to promote and support regulatory cooperation frameworks for trade in financial services, including through free trade agreements and multilateral fora.
Government continue to address international regulatory barriers to trade in financial services via multilateral and bilateral mechanisms including trade agreements and capacity building.
Progress to date
The Australia-Singapore Digital Economy Agreement sets new global benchmarks for trade rules and a range of cooperation initiatives. Key outcomes included commitments on data flows, data localisation, electronic authentication, electronic signature and treatment of source code. It also established a framework for collaboration between FinTech and RegTech (regulatory technology) enterprises and industry bodies to explore business opportunities and develop standards.
The UK-Australia FinTech Bridge deepens collaboration between governments, regulators, and industry bodies and supports improved access for Australian FinTech firms to the UK market.
Singapore and Australia are seeking to negotiate a FinTech Bridge to deepen collaboration between governments, regulators, and industry bodies and support improved access for Australian FinTech firms to the Singapore market.
The APEC Financial Services: Increasing APEC’s FinTech and RegTech Capabilities Post-COVID-19 project report has been released. Australia worked on this project with other APEC countries to assist APEC economies with the adoption of regulatory best practice in the fintech and regtech sectors. The report recommends the region undertake regulatory changes to facilitate trade in digital finance and regulatory technology.