The Asia Securities Industry & Financial Markets Association (ASIFMA) released on Friday afternoon its guide, Best Practices for Effective Development of Fintech. Its press release can be accessed here.
The guide was developed by a member working group at ASIFMA led by Herbert Smith Freehills. The working group has agreed 10 best practices for policymakers and regulators in Asia Pacific to consider as they support the development of fintech in the financial services industry. The best practices acknowledge the delicate balance required between encouraging fintech innovation, and ensuring customer protection and market integrity.
The best practices are released at a time of rapid development in fintech and increased involvement by financial regulators. Our e-bulletin regarding the best practices and the recent initiatives taken by regulators in the region to support fintech development can be accessed here.