Regtech

The Innovation Hub has expanded to assist regtech businesses focused on the delivery of regulatory requirements more efficiently and effectively than existing capabilities. ASIC welcomes contact from both new and established regtech businesses and is keen to learn more about the work you are doing.

Regtech has enormous potential to help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters.

It also has potential to support ASIC in the way it undertakes its regulatory work, including engaging with industry.

We are keen to hear from businesses that wish to share their progress in the regtech space, as well as those seeking informal assistance in developing their business.

Some of the problems regtech businesses are addressing include:

  • identity verification,
  • fraud prevention through transaction analysis,
  • trade tracking and analysis,
  • anti-money laundering (AMI),
  • know your customer (KYC) compliance, and
  • monitoring culture through people analytics.

We are also seeing regtech developments in the following areas:

  • automation of previously manual processes,
  • collection of standardised compliance data in real time,
  • analysis of large data sets for compliance risk and monitoring, and
  • automatic generation of reports.

How can ASIC help?

ASIC, through the Innovation Hub:

  • engages with the regtech community by hosting and attending events and meetups,
  • meets with international regulatory counterparts to discuss regtech developments and policy proposals,
  • assists regtech businesses that are focused on helping clients meet their regulatory requirements more efficiently and effectively than existing capabilities.

The type of informal assistance we provide will depend on several factors, including the type of regtech product or service, the degree of certainty around the business model and the criteria listed below. For some businesses we may respond in writing; for others we may arrange a meeting to discuss their proposals. The more developed your business model is, the more specific we can be on any guidance that we provide.

It is important to note that ASIC will not endorse any regtech businesses that engage with us through the Innovation Hub or otherwise.

Eligibility criteria for informal assistance

At the base level your business must be either a start up or established business developing or providing regtech products or services. In addition to this, you need to address the following key criteria:

Innovation that promotes a better outcome for investors and financial consumers

Whether an innovative regtech product or service can potentially promote a better outcome for investors, financial consumers and markets.

Innovation that has the potential to raise standards of risk management or compliance

The extent to which a regtech product or service will align with and promote ASIC's regulatory objectives through improved risk management or compliance.

Innovation that has the potential to promote information sharing with ASIC

The extent to which regtech tools and systems promote the efficient and effective sharing of information with ASIC.

Requesting assistance

ASIC will consider all requests through the Innovation Hub and aims to help as many businesses as possible.

To request informal assistance please complete the following form:

Regtech engagement form

Your answers to the questions in this form will help us to understand your business, and the type of help you might need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

Submit any questions and/or your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

Subscribe for updates

Innovation Hub Asic Website Rhn Icons Sunscribe PurpleTo subscribe for updates email
innovationhub@asic.gov.au

News

Innovation Hub Asic Website Rhn Icons Latest News Purple

ASIC releases tender for Natural Language Processing Trials 

23 February 2018

ASIC has released a tender for Natural Language Processing Trials via AusTender - ATM ID ASIC CPX65. 

The tender is for provision of pilots of Natural Language Processing technologies, including approaches to common supervisory scenarios encountered by ASIC with a view to providing natural language processing technologies solutions.   

For more details, please go to AusTender and download the tender documents. You can search the tender by either the ATM ID or Keyword. 

Find out more information about the tender 

The tender will be closed at 9:00 am, 19 March 2018. 

If you have any questions in relation to this Tender, please email Tenders@asic.gov.au.

More news

Events

Innovation Hub Asic Website Rhn 
Icons Events Purple

ASIC's Regtech Liaison Forum

The Forum meeting will include regulator updates from APRA and AUSTRAC, an industry item led by The RegTech Association and an outline of proposed trials of technology that ASIC is considering to assist its supervisory work.

5 March 2018 2.00pm - 4.00pm AEDT

Register now


Regtech in the Bag

Innovation Hub Coordinator Mark Adams (SYD) and Senior Advisor, Cuihua Cartwright (MEL) will join a range of experienced industry practitioners to provide perspectives on why regtech is so important, what problems it solves, who is in the eco-system and what the key opportunities are.

Sydney 13 February 2018

Melbourne 6 March 2018

Register now

Podcasts

Innovation Hub Asic Website Rhn Icons Podcast Purple

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: 10/05/2017 09:53