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Lev Bromberg, Andrew Godwin and Ian Ramsay

Financial technology or Fintech provides economic benefits and increasing levels of financial inclusion. However, it also comes with potential risks to consumers, investors and financial systems. Mitigating these risks while encouraging innovation is a significant challenge for financial regulators. Various initiatives have been adopted to support innovation. At the domestic level, these include regulatory sandboxes and innovation hubs. At the cross-border level, the initiatives include Fintech memoranda of understanding, which are sometimes signed as part of broader Fintech bridges. This chapter examines regional developments in respect of sandboxes, particularly in Australia, Singapore, Hong Kong and Malaysia, and also in respect of Fintech memorandums of understanding and Fintech bridges. The chapter concludes by examining the potential impact of sandboxes and cooperation agreements on regulatory convergence, noting that the pressure for convergence is likely to increase as more jurisdictions establish sandboxes and sign Fintech memorandums of understanding.