The Australian Securities and Investments Commission (ASIC) will provide support to innovative businesses from the UK looking to enter the Australian market and assist during and after authorisation to reduce the time taken to market, with the FCA doing the same for Australian firms.

Australia and the UK’s Fintech industry are estimated to have revenues of around £6.6bn and £0.7bn a year, with both growing rapidly, the FCA said.

Christopher Woolard, director of strategy and competition at the FCA, said: “Innovation in financial services isn’t limited by national borders and so it’s important that we support overseas businesses that have new ideas that could benefit British consumers.

“We also know that many British firms wish to use the UK as a springboard to launch their businesses or products internationally, making them potentially more sustainable challengers. That is why this agreement – the first of many, we hope – is important. With ASIC, we will reduce the barriers for authorised firms looking to grow to scale overseas and to assist non-UK innovators interested in entering the market we oversee.”

Innovation hubs at the FCA and ASIC were set up in October 2014 and April 2015, to help firms navigate financial regulation and support them throughout the authorisation process. Creation of the hubs has seen the FCA support over 200 businesses and authorise 18 firms to date, with ASIC granting 10 licenses so far.

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To qualify for support, businesses need to meet the eligibility criteria of their home regulator’s Innovation Hub.

ASIC and the FCA have also committed to share information on emerging market trends and their impact on regulation.