ASIC has launched three regulatory technology (regtech) events in conjunction with industry and other stakeholders to promote regtech adoption among Australian financial services organisations.
These events are an opportunity for regtech startups, scaleups and financial services organisations’ in‑house development teams to demonstrate how their solutions can:
- Monitor, identify and analyse financial advertising promotions to determine compliance (Monitoring Financial Promotions: Demo and Symposium in Sydney on Friday 2 August)
- Improve the detection of problematic financial advice in datasets (Financial Advice Files: Demo and Symposium in Sydney on Thursday 22 August)
- Demonstrate the capabilities, benefits and costs of applying Voice Analytics & Voice-to-Text (VA&VT) Research and Analysis to regulatory activities (VA&VT Symposium in late 2019).
ASIC Commissioner John Price said, ‘There is a real need for new regulatory approaches, which is why ASIC strongly supports the development and adoption of regtech solutions in the financial services sector to provide better outcomes for consumers.
‘Regtech is something we are keenly interested in, both as a consumer of products and a facilitator of engagement more generally to ensure innovation in this area is utlised.’
Regtech has the potential to help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulation. It also has the potential to support ASIC in the way it undertakes its regulatory work, including how it engages with different industries.
ASIC is undertaking a regtech trial to explore how it can communicate the application of its financial services and credit licensing requirements via a Licensing Technology-Assisted Guidance (TAG) Tool (AusTender now closed; findings to be shared at a fourth symposium later in 2019).
Details for the VA&VT and TAG Tool symposiums will be released closer to the date. Both symposiums will be based on trials ASIC is currently running with regtech companies selected via AusTender.
Demonstrators: express your interest
ASIC encourages anyone with innovative regtech to apply for a position in the Monitoring Financial Promotions and Financial Advice Files demonstrations.
This is your chance to showcase regtech solutions to representatives from government, finance, technology, media and other stakeholders all at the same time.
If you’re not selected as one of the 10 demonstrators, the good news is ASIC will give all applicants access to the test dataset. Applicants’ submissions will be showcased on a bulletin board at the symposiums on 2 and 22 August.
Details on the test datasets, application criteria and relevant timelines for submission will be released in late May. For more information and to register your interest as a demonstrator visit ASIC’s Innovation Hub.
Observers: express your interest
ASIC invites stakeholders to attend the symposiums as observers on 2 and 22 August. Visit ASIC’s Innovation Hub to register your interest.