China and Australia enter fintech and regtech information sharing agreement
The China Securitie...
China and Australia have signed an agreement that will see the two countries share information on their respective fintech markets.
The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) will promote innovation in financial services in their countries, this after EY revealed that Australia’s fintech revenues had jumped by 208% within the space of a year.
The agreement will also see the two organisations collaborate on ‘regtech’, technology designed to ease the processes involved with financial compliance and following regulations.
China is Australia's largest two-way trading partner in goods and services, valued at AU$155.2bn in 2016, up 3.7% on the previous year. China is also the country’s largest export market ($93bn in 2016) and our largest source of imports ($62.1bn in 2016).
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Shiyu Liu, CSRC Chairman, said: “In the past few years, the rapid development of fintech has created ample opportunities to introduce new financial services, enhance financial inclusion and fulfill investors’ needs. However, financial market regulators around the globe also face new requirements and challenges posed by market innovations.
“The Agreement between CSRC and ASIC will provide an effective channel for timely exchange of information on fintech developments and regulatory issues, and enhance regulatory cooperation between the two authorities.”
China is a world leader in fintech investment, development and adoption, particularly in customer-facing areas like payments and lending. In 2016, total investment in Chinese fintech ventures is estimated to have been AU$13bn.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”