ASIC commissioner Greg Tanzer has revealed further details about the regulator's recently announced innovation hub.
Speaking at Norton Rose Fulbright’s Financial Innovation Symposium yesterday, Mr Tanzer said the topic presents both "opportunities and risks for ASIC and the industry".
"At ASIC, we are keen to do what we can to help the industry take advantage of the opportunities on offer, provided it does not compromise investor and financial consumer trust and confidence," Mr Tanzer said.
The ASIC innovation hub will make it "quicker and easier for innovative start-ups and fintech businesses to navigate the regulatory system."
Mr Tanzer said there are five components to the innovation hub that ASIC will be developing over the "coming months".
First, ASIC will participate with other fintech initiatives such as Stone & Chalk, Mr Tanzer said.
"We want to work cohesively with government and industry in this area. We will closely monitor any other new initiatives and offer our assistance where we can," he said.
Second, the regulator will "streamline ASIC’s approach to facilitating business for new business models", Mr Tanzer said.
"For example, by looking to streamline common application processes, including applying for or varying a licence and in granting waivers from the law," he said.
"Third, we will look at making ourselves more accessible to new types of businesses. For example, by developing a portal on our website – a one-stop shop for innovative businesses to access information and services directly targeted at them.
"Fourth, within ASIC, we will adopt a coordinated approach to applying any reforms that may apply to innovative businesses in the future," Mr Tanzer said.
Finally, ASIC will establish a digital finance advisory committee as announced recently by ASIC chairman Greg Medcraft, Mr Tanzer said.
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