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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.
If you would like to discuss the above further, please do not hesitate to contact Will Hallatt, Hannah Cassidy, Mark Robinson, Grace Chong, or your usual Herbert Smith Freehills contact.
Key contacts
Nick Pantlin
Partner, London
Alex Kay
Partner, London and Nordic Group
Chris Ninan
Partner, London
Jon Ford
Partner, London
Michael Tan
Senior Associate, London
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Herbert Smith Freehills Kramer LLP and Prolegis LLC have established a Formal Law Alliance licensed by the Legal Services Regulatory Authority of Singapore known as Herbert Smith Freehills Kramer Prolegis Alliance, with Singapore law advice provided by Prolegis LLC. The two firms cooperate closely in Singapore to deliver a complementary and seamless legal service.