ASIC has announced a series of events intended to promote the adoption of regulatory technology (regtech) in Australian financial services organisations.
Currently, the regulator is searching for innovative regtech solutions to be demonstrated in front of representatives from government, finance, technology, media and other stakeholders at events in Sydney this August .
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 utilised,” he added.
According to ASIC, regtech can help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulation.
The three events being made available to independent regtechs and the in‑house development teams at financial services organisations are:
- Monitoring Financial Promotions in Sydney on 2 August, which is to focus on identifying and analysing financial advertising promotions to determine compliance
- Financial Advice Files in Sydney on 22 August, which will centre on improving detection of problematic financial advice in datasets
- A late 2019 event concerning the regulatory benefits and costs of voice analytics and voice-to-text research and analysis, with more details to come
Only 10 regtech demonstrators will be selected to present at the events, but all applicants will be granted access to the test dataset.
To register interest as a demonstrator, visit ASIC’s Innovation Hub.