Regtech

The Innovation Hub has expanded to assist regtech businesses focused on the delivery of regulatory requirements more efficiently and effectively than existing capabilities. ASIC welcomes contact from both new and established regtech businesses and is keen to learn more about the work you are doing.

Regtech has enormous potential to help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters.

It also has potential to support ASIC in the way it undertakes its regulatory work, including engaging with industry.

We are keen to hear from businesses that wish to share their progress in the regtech space, as well as those seeking informal assistance in developing their business.

Some of the problems regtech businesses are addressing include:

  • identity verification,
  • fraud prevention through transaction analysis,
  • trade tracking and analysis,
  • anti-money laundering (AMI),
  • know your customer (KYC) compliance, and
  • monitoring culture through people analytics.

We are also seeing regtech developments in the following areas:

  • automation of previously manual processes,
  • collection of standardised compliance data in real time,
  • analysis of large data sets for compliance risk and monitoring, and
  • automatic generation of reports.

How can ASIC help?

ASIC, through the Innovation Hub:

  • engages with the regtech community by hosting and attending events and meetups,
  • meets with international regulatory counterparts to discuss regtech developments and policy proposals,
  • assists regtech businesses that are focused on helping clients meet their regulatory requirements more efficiently and effectively than existing capabilities.

The type of informal assistance we provide will depend on several factors, including the type of regtech product or service, the degree of certainty around the business model and the criteria listed below. For some businesses we may respond in writing; for others we may arrange a meeting to discuss their proposals. The more developed your business model is, the more specific we can be on any guidance that we provide.

It is important to note that ASIC will not endorse any regtech businesses that engage with us through the Innovation Hub or otherwise.

Eligibility criteria for informal assistance

At the base level your business must be either a start up or established business developing or providing regtech products or services. In addition to this, you need to address the following key criteria:

Innovation that promotes a better outcome for investors and financial consumers

Whether an innovative regtech product or service can potentially promote a better outcome for investors, financial consumers and markets.

Innovation that has the potential to raise standards of risk management or compliance

The extent to which a regtech product or service will align with and promote ASIC's regulatory objectives through improved risk management or compliance.

Innovation that has the potential to promote information sharing with ASIC

The extent to which regtech tools and systems promote the efficient and effective sharing of information with ASIC.

Requesting assistance

ASIC will consider all requests through the Innovation Hub and aims to help as many businesses as possible.

To request informal assistance please complete the following form:

Regtech engagement form

Your answers to the questions in this form will help us to understand your business, and the type of help you might need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

Submit any questions and/or your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

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News

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ASIC broadens fintech cooperation with Canadian regulators

12 December 2017

ASIC has announced a Cooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.

Read the media release

ASIC’s regulatory sandbox proposal to remain unchanged

12 December 2017

ASIC has today released a review of its regulatory sandbox, introduced in December 2016.

Read the consultation paper

ASIC closure over the festive season

6 December 2017

ASIC offices will be closed from 5.00pm on Friday 22 December 2017 to 8.00am on Tuesday 2 January 2018. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.

We encourage businesses to have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Tuesday 12 December 2017 in order to be considered before the shutdown period.

Dubai and Australia seal agreement on fintech cooperation

23 November 2017

The Dubai Financial Services Authority and ASIC have signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Read the release

More news

Events

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Stay informed

For information on what is coming up, sign up at innovationhub@asic.gov.au.

Videos of our recent RegTech showcase now available

Session 1, Session 2.

 

Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Last updated: 10/05/2017 09:53