ASIC has boosted its commitment to the fintech industry, establishing a new advisory committee to help it engage with the sector.
ASIC’s Innovation Hub, established in April this year, has been developed to help fintechs navigate ASIC’s regulatory system and encourage further innovation.
As part of the hub, ASIC has established the Digital Finance Advisory Committee (DFAC) – an external committee that will guide the regulator’s efforts in the sector.
ASIC commissioner John Price said: “ASIC is committed to encouraging innovation, particularly where it can lead to better consumer and market outcomes.”
“These perspectives provided by the committee members will help ASIC direct its efforts in the fintech sector.”
Despite the relative success of the innovation hub – 32 external meetings with fintech businesses have been recorded since its establishment – ASIC still prioritises regulation.
“ASIC will not compromise the fundamental principles of financial services regulation,” Mr Price said.
“We continue to prioritise appropriate regulation to promote customer and investor trust and confidence,” he said.
The DFAC is comprised of: Tyro Fintech Hub head Andrew Corbett-Jones, H2 Ventures managing director Toby Heap, 25fifteen general partner Kim Heras, Fishburners general manager Murray Hurps, Sunsuper director Jenni Mack, Stone and Chalk chief executive Alex Scandurra, SocietyOne chief executive Matt Symons.
Monash University professor of finance Deborah Ralston will serve as chair.