ASIC has announced that it will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a ‘hackathon’ later this year to help identify roadblocks to the successful and rapid take-up of the sector.
The initiatives are among a range of proposals covered in Report 523 ASIC’s Innovation Hub and our approach to regulatory technology, covering ASIC’s approach to regtech and inviting feedback from the sector and wider industry.
In addition to covering current initiatives the regulator has underway and proposed next steps, the report also gives an update on the work of ASIC’s Innovation Hub, launched in March 2015, to help innovative fintech businesses navigate the regulatory framework.
ASIC Commissioner John Price said, ‘ASIC is committed to supporting developments in the regtech sector and a key aspect of our approach is to learn from industry input as well as good international case studies and our own experiences engaging with the sector.’
‘ASIC believes regtech can help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, while improving compliance and outcomes for consumers. Our goal is to see the community benefit from these new technologies whilst minimising any potential risks,’ he continued.
New initiatives proposed by ASIC within the report include:
- Establishing new regtech liaison group
- Continued use of technology trials
- Problem-solving event
These new initiatives are intended to build on ASIC’s existing regtech activities, which include the provision on informal assistance to regtech entities through their Innovation Hub, engagement with the sector at meet-ups and related events, international cooperation and referrals, and a range of existing technology trials.