ASIC boosts Australia’s regtech innovation scene
It’s smiles all around as two fintech groups are welcoming the Australian Securities and Investments Commission’s (ASIC) initiative for more regtech innovation.
The RegTech Association and FinTech Australia joined forces to welcome the release of the report, “ASIC’s Innovation Hub and our approach to regulatory technology”.
This latest bout of happiness follows nicely on from last year when ASIC released class waivers to allow eligible fintech firms to test certain specified services without holding an Australian financial services (AFS) or credit licence.
Also, earlier this month, FinTech Australia revealed its delight at the 2017-18 Australian budget – and the introduction of some useful initiatives. These included open financial data reforms, reduced barriers for banking licences, an expanded regulatory sandbox and digital currency tax cuts.
The new ASIC report proposes a number of initiatives, including:
- Establishing a new regtech liaison group, comprising industry, technology firms, academics, consultancies, regulators and consumer bodies;
- Continued use of technology trials, expanding on existing trials into areas such as machine learning to assess documents for evidence, and tools which analyse webpages in the self-managed superannuation fund sector;
- Hosting a regtech problem-solving event later in 2017.
RegTech Association chairman Julian Fenwick says: “We wouldn’t want this report to be the first and last word on regtech from the Australian Government but it is a fantastic start to help promote our Australian regtech industry.”
FinTech Australia CEO Danielle Szetho adds that the report would “help build start-up, client and investor confidence in this sub-sector”.
The ASIC report can be found here.