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.

Related links

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News

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#Accelerate Regtech 2018: The role of the regulator

3 May 2018

Keynote address by John Price at Accelerate Regtech 2018 (Sydney, Australia), 3 May 2018.

Read the speech

ASIC takes action on misleading or deceptive conduct in ICOs

1 May 2018

ASIC is focused on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs). These offers can involve significant risks for investors that are often not disclosed or well understood.

Read the media release

ASIC update: Initial coin offerings and cryptocurrency

26 April 2018

A speech by ASIC Commissioner John Price, at the Tyro FinTech Hub – Events Space, (Sydney, Australia).

Read the speech

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Events

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UK-Australia Fintech Bridge

Come along to Stone & Chalk to hear from the UK Department for International Trade, ASIC, Austrade and Fintech Australia as they answer your questions about the Fintech Bridge, how it will benefit fintech startups trying to do business between the UK and Australia and position the UK and Australia as global leaders setting fintech standards and policy.

26 June 2018 5:45pm - 7:30pm AEST | Melbourne

Find out more

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: 12/03/2018 02:48