Innovation Hub

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ASIC’s Innovation Hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system. Within these pages we provide tailored information and access to informal assistance intended to streamline the licensing process as much as possible for innovative fintech startups.

Welcome to ASIC’s Innovation Hub

The Innovation Hub assists fintech startups developing innovative financial products or services to navigate our regulatory system.

Through the hub, eligible businesses can request to receive informal guidance from ASIC on the licensing process and key regulatory issues that should be considered as you set up your business. This information is designed to help you understand your options and, if relevant, prepare your applications for licences or waivers from the law.

We are currently seeing innovative financial business models in areas including marketplace lending, crowd-funding, robo-advice, payments and blockchain technology, and we urge all eligible businesses to connect with us.

ASIC, through the Innovation Hub:

  • engages with the fintech community by hosting and attending industry events at fintech hubs and co-working spaces for startup businesses
  • streamlines how we facilitate business for innovative business models
  • provides eligible businesses with a designated contact to help understand the regulatory framework, prepare licensing applications and provide ongoing support
  • provides key information through the Innovation Hub website, which is a one-stop shop to access information and services
  • addresses innovation issues with a coordinated approach through our Innovation Hub Taskforces, comprising senior people across ASIC
  • consults with experts drawn from a cross-section of the fintech community through our Digital Finance Advisory Committee (DFAC), to help inform how we focus our efforts in this area
  • meets regularly with international equivalents to discuss innovation developments and policy proposals.

Regulating innovative startups

It can be challenging to work out how some innovative businesses fit into the regulatory framework. We also understand that your business may be limited both in experience in dealing with ASIC and resources available in terms of time, money and access to professional advice.

The services available within the Innovation Hub can help you learn about ASIC’s regulation and compliance and design a solution that integrates with your business model.

There are significant opportunities to save money and time when compliance is considered early on in your business planning, and also to explore whether there are waivers and relief that may be applicable to your business.

Your input will also help ASIC stay on top of laws that have become impractical or inappropriate as the sector moves forward.

ASIC is committed to helping fintechs navigate the regulatory system and will streamline the licensing process where possible to facilitate innovation. We are equally committed to maintaining and not compromising on the key principles of that regulatory system, including the provision of important protections for consumers and investors.

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News

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ASIC and Ontario Securities Commission sign agreement to support innovative businesses

3 November 2016

Innovative fintech companies in Australia and Ontario, Canada will be able to draw on support from the combined resources of their financial regulators as they seek to operate in the others’ market, under a new agreement.

Read the media release

ASIC signs agreement with Kenyan regulator to support fintech innovation

21 October 2016

The Capital Markets Authority of Kenya (CMA) and ASIC have signed a Co-operation Agreement which aims to promote innovation in financial services in their respective markets.

Read the media release

More news

Events

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ASIC RegTech Roundtable February 2017
8 February 2017

ASIC will host a RegTech Roundtable with industry stakeholders in February 2017.

View more events

Podcasts

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Helping fintech startups

 

ASIC Commissioner John Price discusses how the Innovation Hub helps fintech startups.

Listen now or download for later

Robo-advice

How does robo-advice sit alongside traditional financial advice?

Listen now or download for later

Last updated: 07/11/2016 09:03