Differing regulatory standards among various jurisdictions are hindering the development of financial technology (fintech) in Asia, according to a Hong Kong-based financial lobby group.

While the rapid evolution and development of fintech provide enormous potential for increased productivity and efficiencies in the way financial services are delivered, it also creates challenges for regulators around the region, the Asia Securities Industry and Financial Markets Association (ASIFMA) says.

The group published a report on June 9 offering ten guidelines on best practices for fostering fintech in the region.

“Throughout Asia there is development at different paces and without much formal cooperation among the markets, so there’s an important and growing need for consistent regulatory standards across all market participants – including incumbents and start-ups – and increased coordination locally, regionally and internationally,” Mark Austen, chief executive officer of ASIFMA, says in a statement.