ASIC values engagement with industry and domestic and international regulators as this helps ASIC better understand the developments, opportunities and challenges of the financial innovation sector and informs the focus of our engagement with the fintech and regtech sectors.
Below are the various platforms for engagement that ASIC participates in or coordinates through the Innovation Hub.
International engagement
The Innovation Hub undertakes regular engagement and cooperation with overseas peer regulators. These relationships are a valuable source of information and intelligence for ASIC and bring international perspectives to inform our regulatory and supervisory work.
IOSCO FinTech Task Force
IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognised standards for securities regulation.
ASIC actively participates in various IOSCO committees and task forces including the IOSCO FinTech Task Force (formerly known as the Fintech Network) and the IOSCO working groups related to AI, Defi, Crypto and tokenization. For more information on IOSCO, visit www.iosco.org.
Global Finance Innovation Network (GFIN)
The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organisations, including ASIC. ASIC is one of the coordination group members of the Global Financial Innovation Network (GFIN); a network with over 70 members including regulators, government bodies and international organisations.
The GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.
It also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
During 2020-23, ASIC chaired the GFIN RegTech Ecosystem Special Unit which focused on information sharing and collaboration on the use of emerging technologies for compliance and supervisory purposes. As the Chair, ASIC produced three reports and hosted several virtual showcase events for the GFIN members and observers. For more information on the GFIN, visit www.thegfin.com.
International bilateral meetings
ASIC engages in regulator bilateral meetings with international regulators to share information and developments related to financial innovation.
ASIC meets with the following international regulators:
UK Financial Conduct Authority (FCA)
US Securities and Exchange Commission (SEC)
European Securities and Markets Authority (ESMA)
Monetary Authority of Singapore (MAS)
Ontario Securities Commission (OSC)
Autorité des marchés financiers (Quebec)
Alberta Securities Commission (ASC)
British Columbia Securities Commission (BCSC)
International referrals
Are you an Australian fintech business looking to expand overseas?
ASIC has signed international cooperation agreements with some of its financial regulatory counterparts that are designed to break down barriers to market entry.
If you’re eligible, we can formally refer your fintech business. This could help you meet the right people, set up important first meetings, and receive informal assistance in different regulatory environments.
Request a referral to an international financial regulator
To qualify for an international referral, you need to meet the ASIC Innovation Hub eligibility criteria. The Innovation Hub may request further information on your business before making a referral. Please submit your completed form (with any relevant attachments) to innovationhub@asic.gov.au.
The Digital Finance Advisory Panel (DFAP) was established in 2015 to help inform ASIC’s fintech and regtech approach and to maintain engagement with the sector. Members of DFAP are drawn from a cross-section of the fintech, insurtech, DLT and regtech communities, as well as academia and industry associations.
The DFAP also includes active observers from government and regulatory agencies to help facilitate dialogue between industry and the public sector.
The establishment of the DFAP has fostered a network of domestic departments and agencies dealing with innovative businesses, promoting a coordinated approach to financial innovation and regtech. The DFAP thus helps inform the focus of ASIC’s engagement with the fintech and regtech sectors.
ASIC meets with the DFAP quarterly to discuss local and global developments, including opportunities and risks, in the fintech and regtech industry.
Members
Ross Buckley: Scientia Professor and Laureate Fellow, UNSW Sydney (Panel Chair)
Amy-Rose Goodey: CEO, Digital Economy Council of Australia
Arturo Rodriguez: Co-founder, DeFi Association
Caroline Bowler: CEO, BTC Markets
Mark Monfort: Co-founder, DeFi Association
Rehan D'Almeida: CEO, FinTech Australia
Simon Callaghan: CEO, The RegTech Association
Simone Dossetor: CEO, Insurtech Australia
Steve Vallas: Head of Policy, Digital Economy Council of Australia
Tetiana George: Board Member, Insurtech Australia
Observers
Australian Competition & Consumer Commission (ACCC)
Australian Prudential Regulation Authority (APRA)
Australian Transaction Reports and Analysis Centre (AUSTRAC)
Australian Trade and Investment Commission (Austrade)
Reserve Bank of Australia (RBA)
The Department of the Treasury
Innovation Hub events
ASIC coordinates meetups and events to discuss the Innovation Hub and our approach to financial innovation, and to answer any questions on regulation and compliance.
ASIC is open to participation at key industry events. Contact innovationhub@asic.gov.au to discuss your event and/or speaking engagement.
Upcoming events
There are no upcoming events scheduled. Subscribe to our newsletter for updates on upcoming events.
Past events
19th ASIC Regtech Liaison Forum
Thursday 30 November, 11.00am-12.15pm (AEDT)
The ASIC Regtech Liaison Forum facilitates discussions surrounding developments and opportunities arising from the application of regulatory technology across Australia.
This forum featured the following speakers and presentations:
ASIC update - Mark Adams, Senior Executive, Strategic Planning and Intelligence, ASIC
Business Research and Innovation Initiative (BRII) RegTech Round Proof-of-concept phase - Ross Pearson, Chief Technology Officer, DHI-AI and Kenn Rodrigues, Managing Director, DHI-AI
Industry update - Deborah Young, CEO, RegTech Association
The ASIC Regtech Liaison Forum facilitates discussions surrounding developments and opportunities arising from the application of regulatory technology across Australia.
This forum featured the following speakers and presentations:
ASIC Update – Mark Adams, Senior Executive Specialist, Strategic Planning and Intelligence, ASIC
ASIC’s Digital transformation strategy update – Joanne Harper, Senior Executive Leader, Digital, Data & Technology Transformation Office, ASIC
AUSTRAC update – Leeann King, Director of Industry Education and Outreach, AUSTRAC
Industry update – Deborah Young, CEO, RegTech Association
Fireside chat: Generative AI – Deborah Young, CEO, RegTech Association with Will Liang, Executive Director, MA Asset Management and Board Director, RegTech Association
You can access a copy of the slides here. View the full recording below.
17th ASIC Regtech Liaison Forum
Wednesday 19 October 2022, 2.00pm-3.00pm (AEST)
The ASIC Regtech Liaison Forum facilitates discussions surrounding developments and opportunities arising from the application of regulatory technology across Australia. Our recent forum featured the following updates and presentations:
Business Research and Innovation Initiative (BRII) RegTech Round panel discussion facilitated by Mark Adams – Listcorp Pty Ltd, Digitalx Limited, DHI-AI and Pyxta Pty Ltd
Consumer Data Right (CDR) program update – Evie Redshaw, Director of Analytics, Consumer Data Right Division, ACCC and Vaughn Cotton, Senior Program Manager, Consumer Data Right Division, ACCC
Industry update – Deborah Young, CEO, RegTech Association and Ben Hobby, Global VP, RegTech, Objective
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