Business Research and Innovation Initiative Regtech Round

The Australian Government is providing up to $10 million in grant funding to Australian startups and SMEs to help bring their big ideas to market.

This money is available through the Business Research and Innovation Initiative (BRII), an Australian Government program.

ASIC will be working with five regulatory technology (regtech) entities – Bedrock AI Aus Pty Ltd, DigitalX Limited, Eastern Analytica Pty Ltd (trading as DHI-AI), Listcorp Pty Ltd and Pyxta Pty Ltd for the Business Research and Innovation Initiative (BRII) Regulatory Technology (Regtech) Round, dealing with the challenges of corporate disclosure.

Initiated by the Department of Industry, Science, Energy, and Resources, this latest BRII round assesses the potential of regtech to solve challenges across government agencies and departments. ASIC’s selected challenge explores the potential of using technology to help identify and assess poor market disclosure by listed companies. For more details click here.

For more information about the BRII go to Business Research and Innovation Initiative (BRII) – RegTech Round.

ASIC Regtech Challenge

ASIC’s BRII challenge seeks to use technology to help identify and assess poor market disclosure by listed companies. Details of the BRII challenge include:

  • Seeking an innovative technology solution to help analyse corporate disclosures and other datasets to identify and assess compliance by listed companies with a range of requirements.
  • Regulatory activity includes manual review and assessment of various documents and materials related to capital markets and financial services.
  • A need to explore the potential of integrating various technology-assisted functions into a single service or functionality.
  • The successful solution will deliver a more efficient and effective way for ASIC to supervise and enforce conduct of business, disclosure and reporting obligations of listed companies.

If successful in receiving this grant, start-ups and small-to-medium enterprises will have the chance to work closely with us to create a product that could be commercialised.

At the end of the challenge, the SME will retain intellectual property rights and the right to sell your product in domestic and global markets.

To find our more about the ASIC challenge, read through the ASIC challenge factsheet linked here.


To help potential applicants, ASIC joined the Department of Industry, Science, Energy and Resources to outline its challenge Tuesday 4 May 2021. The webinar was divided into three parts:

Part 1: Information about the Business Research and Innovation Initiative – Regulatory Technology round (BRII).

Part 2: What technology solutions may be suitable to solve this Challenge?

Part 3: Q&A Session

A recording of the webinar is available below or on the BusinessGovAu youtube channel. A copy of ASIC’s presentation is also available for download here.

In addition to the information provided on the BRII page, we have collected a list of technical guidance for applicants to consider in the process of drafting their submissions.

Additional guidance for the ASIC challenge

What follows below are links to key regulatory references and specific guidance relating to disclosures:

Search our media releases

For examples of past regulatory disclosure and conduct matters, you may find it useful to search our previous media releases.

To assist you, you can find related media releases using our search function. Searching for continuous disclosure and financial reporting will provide some initial results

Frequently Asked Questions

ASIC provides some additional answers to common questions we have received recently from interested parties with the ASIC BRII regtech challenge:

Could you provide some guidance or suggestions in completing the BRII application form?

The Department of Industry, Science, Energy and Resources leads the assessment process and selection of grant recipients. ASIC advises interested parties to contact with inquiries about filling out the form and the assessment procedure.

What sort of past information can applicants use? And how far back does the historical information need to go?

For this challenge, we encourage interested parties to consider all kinds of relevant datasets including historical information. For this purpose, ASIC does not suggest any boundaries of the usefulness of historical data. It is really for the interested party to consider.

What are some of the attributes or characteristics ASIC is looking for in the applications being submitted?

ASIC is open minded to seeing a wide variety and scope of solutions. Applicants could shine a light on something new that ought to be considered more deeply. One thing we would stress is the importance of high-quality leads when processing the data. High quality leads have a much higher likelihood of potential further inquiry by ASIC into the potential misconduct. It is intended the solutions would produce both effectiveness and efficiency benefits. We are not after a solution that essentially provides thousands of low-quality leads.  There is potential to engage with any publicly available data to provide meaningful insights.

For frequently asked questions about BRII, see the DISER page.

Below are responses to frequently asked questions related to the ASIC challenge.

Are there FSI partners who would assist applicants as a part of this initiative? Or is the solution to be based completely on available open source and ASIC data?

ASIC is open minded to who a regtech may partner with for this project, subject to pre-conditions of DISER BRII eligibility. ASIC will not be connecting potentially interested parties. Interested parties will need to rely on their existing networks to make business partner connections. On the question of data and software, again we remain open-minded. We do expect regtechs to consider analysing market announcement and financial reporting information, but beyond that we see potential for analysis of a wide range of other datasets. We do expect solutions to be cost effective, interoperable and secure and thus, this may have implications for the nature of software applications that are viable.

Access to ASX, Morning Star and/or Bloomberg datasets is very expensive. Will ASIC fund the costs of temporary licence access during the Feasibility Study period?

ASIC is open to work with regtech SMEs grantees on options to access relevant datasets including from Morningstar and Bloomberg. ASIC notes regtechs and their partners may already have their own arrangements in place, or are able to be put in place, for accessing relevant datasets (including subscriptions).

Can we see some cases of past poor disclosure from ASIC? That is, the public announcement of poor disclosure. Are there links to such cases?

ASIC suggests searching its webpage for media releases on actions in response to poor disclosure by listed companies – refer to the Search our media releases drop down above.

For example, searches on ASIC’s find a media release using the phrase ‘continuous disclosure’ brings up examples of some past matters. Further, searching for ‘financial reporting’ finds relevant publications on financial reporting compliance issues. ASIC’s find a media release webpage -

Regarding current ASIC IT infrastructure - will ASIC be able to provide this information to the applicants or only successful feasibility study recipients?

All of ASIC’s technology decisions are bound by the Protective Security Policy Framework and the Information Security Manual as set by the Australian Cyber Security Centre.  As an example these policies stipulate that data is to be stored in country.  Additionally ASIC has a multi-cloud strategy comprising of secure tenancies in M365, AWS and Azure.  For data management and analytics, ASIC uses an AWS based data lake and Databricks analytics environment.  Further information can be provided to successful feasibility study recipients.

Who in ASIC can potential applicants talk to?

The best way to contact us is to use the email address.

Will ASIC assign specific liaison officer(s) to assist with applicants in the feasibility study stage with the requirements?

ASIC is putting together a team of subject matter experts to offer a range of details throughout the feasibility study stage. ASIC does not want to influence the direction of the solution, but we will point out pitfalls and hurdle we've experienced in the past. Our team of SMEs will also provide insights into technical and regulatory factors relevant to the solution.

Last updated: 16/01/2023 02:51