Innovation Hub events

ASIC presents at fintech meetups and events to discuss the Innovation Hub and our approach to new business models, and to answer questions on regulation and compliance.

Financial Innovation: Regulator Meet-up – Recording now available

ASIC's regulator meet-ups bring together representatives from national bodies to discuss issues and their latest experience with financial innovation and technology. Audience members have the opportunity to submit questions directly to regulators and agencies during this virtual meet-up.

This meet-up featured presentations and updates from:

• Opening statement – Danielle Press, Commissioner, ASIC
• ASIC Innovation Hub – Mark Adams, Senior Executive Leader, Strategic Intelligence, and Co-Ordinator, Innovation Hub, ASIC
• Consumer Data Right (CDR) – Paul Franklin, Executive General Manager, Consumer Data Right and Sheridan de Kruiff, Executive Director, Regulatory Branch, Consumer Data Right, ACCC
• Innovation in Payments – Chay Fisher, Senior Manager, Payments Policy Department, RBA
• Panel discussion – ASIC, ACCC, APRA and Austrade

You can access a copy of the slides here. View the full recording below.

 

16th ASIC Regtech Liaison Forum - Recording now available

The ASIC Regtech Liaison Forum facilitates discussions surrounding developments and opportunities arising from the application of regulatory technology across Australia. This forum allows regulators and industry to present on and discuss the latest developments across the regtech ecosystem.

Following opening remarks from ASIC Commissioner Cathie Armour, this forum featured presentations and updates from:

• Frank Tonkin, Acting General Manager, Department of Industry, Science, Energy and Resources
• Mark Adams, Senior Executive Leader, ASIC
• Matt Grasser, Co-Head and Tech Lead, Cambridge SupTech Lab, Cambridge Centre for Alternative Finance
• Deborah Young, CEO, The RegTech Association and Jasper Poos, The RegTech Association Board Director and Head of Governance and Assurance, Commonwealth Bank

Links to references:

• IOSCO Final Report (September 2021) – The use of artificial intelligence and machine learning by market intermediaries and asset managers
• Cambridge Centre for Alternative Finance - SupTech Lab website
• Business Research and Innovation Initiative (BRII) – Regtech Round
• UK Financial Conduct Authority - RegTech
• Global Financial Innovation Network (GFIN) – RegTech & SupTech

Due to technical issues, the first minute of the forum wasn’t recorded. Please see transcript below for the full opening statement from Cathie Armour, including the Acknowledgement of Country.

Check against delivery:

Good morning and thank you all for joining our 16th Regtech Liaison Forum.

As we log in from across Australia, I would like to begin by acknowledging the Traditional Owners’ ongoing connection to and custodianship of the lands on which we meet today, and to pay my respects to elders both past and present.

Welcome to our first Regtech Liaison Forum of this year and thank you for joining us. These forums are designed to support meaningful collaboration and information sharing that can promote and foster innovation in the regtech sector.

Juniper Research recently revealed that global regtech spend will exceed US$204 billion by 2026; accounting for over 50% of all regulatory compliance spend for the first time. These findings point to the growing importance and relevance of regtech in our changing global regulatory framework and financial services ecosystem.

Facilitating regtech discussions continues to be a priority for ASIC as its potential to improve outcomes for a wide cross-section of stakeholders is recognised and valued.

We’re delighted to continue hosting these forums in 2022, with two more scheduled for this year. There will also be two Financial Innovation: Regulator Meet-ups in July and November. We hope to see all of you continuing to participate in our ongoing initiatives.

Presenting at today’s forum, we have Frank Tonkin from the Department of Industry, Science, Energy and Resources who will provide an update on the Business Research and Innovation Initiative Regtech Challenge which is nearing the end of the feasibility study stage. Frank will share key observations across the various regtech challenges undertaken by selected regtech firms in different industries.

Following this, Mark Adams, Co-ordinator of the ASIC Innovation Hub will briefly discuss ASIC’s experience of participating in the Business Research and Innovation Initiative. Mark will then provide an overview of ASIC’s ongoing engagement with industry as well as our international work with the Global Financial Innovation Network and IOSCO.

Matt Grasser joins us from New York to provide a brief overview of the SupTech Lab, an initiative driven by the Cambridge Centre of Alternative Finance to help shape the future of financial supervision.

We also have Deborah Young joining us from The RegTech Association with the Association’s new Chair, Jasper Poos. Deborah will facilitate a fireside chat with Jasper before moving onto reflections from the Association’s recent #ACCELERATE conference, and finally conclude with a general industry update.

This webinar also marks my final Regtech Liaison Forum as my term as a Commissioner at ASIC comes to an end. I’m encouraged by the strong network built through the ongoing engagement with the regtech industry through forums such as these and other regtech initiatives led by ASIC.

My hope is that ASIC can continue to play a positive role in supporting regtech in Australia through facilitating open discussions on challenges facing the regtech industry; continuing to participate in regtech trials and sharing learnings and observations from discussions with other regulators and agencies both domestic and abroad; and also, through considering how our regtech initiatives will need to adapt to service the industry as it continues to grow and mature.

In closing, I would like to thank all of you for your ongoing engagement with our Regtech Forums and a variety of other webinars, discussions, and sessions. Ongoing updates can be found on the Innovation Hub website or by subscribing to our Regtech mailing list.

I will now hand over to Mark.

 

 

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