ASIC has set its sights on promoting regtech adoption in the Australian financial services sector, with the regulator running three events for technology providers to pitch their solutions to the industry.
The events are aiming for regtech startups, scaleups and financial services companies’ in-house development teams to demonstrate their solutions.
The first event in Sydney, ‘Monitoring Financial Promotions: Demo and Symposium’, will let providers show how they can monitor, identify and analyse financial advertising to maintain compliance. It will take place on 2 August.
Visitors can learn about improving the detection of problematic financial advice in datasets at the second event, Financial Advice Files: Demo and Symposium in Sydney on 22 August.
Finally, the third event is about the capabilities, benefits and costs of applying Voice Analytics & Voice-to-Text (VA&VT) Research and Analysis to regulatory activities. The VA&VT Symposium will be held later in the year.
ASIC is also undertaking a regtech trial to explore how it can communicate the application of its financial services and credit licensing requirements via a licensing technology-assisted guidance (TAG) tool. Its findings will be shared at a fourth symposium later in the year.
“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,” ASIC commissioner John Price said.
“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 utlised.”
Regtech has the potential to support ASIC in the way it undertakes its regulation, the watchdog said, along with possibly helping organisations build a culture of compliance and save related time and costs.
ASIC is also calling for expressions of interest from potential demonstrators with regtech solutions for its ‘Monitoring Financial Promotions’ and ‘Financial Advice Files’ showcases. The regulator is seeking ten firms to present for both events.
Details for the VA&VT and TAG tool symposiums will be released closer to the date. Both are based on trials the regulator is running with regtech firms.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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