Innovation Hub

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ASIC’s Innovation Hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system. Within these pages we provide tailored information and access to informal assistance intended to streamline the licensing process as much as possible for innovative fintech startups.

Welcome to ASIC’s Innovation Hub

The Innovation Hub assists fintech startups developing innovative financial products or services to navigate our regulatory system.

Through the hub, eligible businesses can request to receive informal guidance from ASIC on the licensing process and key regulatory issues that should be considered as you set up your business. This information is designed to help you understand your options and, if relevant, prepare your applications for licences or waivers from the law.

We are currently seeing innovative financial business models in areas including marketplace lending, crowd-funding, robo-advice, payments and blockchain technology, and we urge all eligible businesses to connect with us.

ASIC, through the Innovation Hub:

  • engages with the fintech community by hosting and attending industry events at fintech hubs and co-working spaces for startup businesses
  • streamlines how we facilitate business for innovative business models
  • provides eligible businesses with a designated contact to help understand the regulatory framework, prepare licensing applications and provide ongoing support
  • provides key information through the Innovation Hub website, which is a one-stop shop to access information and services
  • addresses innovation issues with a coordinated approach through our Innovation Hub Taskforces, comprising senior people across ASIC
  • consults with experts drawn from a cross-section of the fintech community through our Digital Finance Advisory Committee (DFAC), to help inform how we focus our efforts in this area
  • meets regularly with international equivalents to discuss innovation developments and policy proposals.

Regulating innovative startups

It can be challenging to work out how some innovative businesses fit into the regulatory framework. We also understand that your business may be limited both in experience in dealing with ASIC and resources available in terms of time, money and access to professional advice.

The services available within the Innovation Hub can help you learn about ASIC’s regulation and compliance and design a solution that integrates with your business model.

There are significant opportunities to save money and time when compliance is considered early on in your business planning, and also to explore whether there are waivers and relief that may be applicable to your business.

Your input will also help ASIC stay on top of laws that have become impractical or inappropriate as the sector moves forward.

ASIC is committed to helping fintechs navigate the regulatory system and will streamline the licensing process where possible to facilitate innovation. We are equally committed to maintaining and not compromising on the key principles of that regulatory system, including the provision of important protections for consumers and investors.

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Japan and Australia cooperate on fintech

23 June 2017

The Japan Financial Services Agency ('JFSA') and ASIC today announced the completion of a framework for cooperation to promote innovation in financial services in Japan and Australia.

Read the media release

ASIC proposes next steps on regtech
27 May 2017

ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a 'hackathon' later this year to help identify roadblocks to the successful and rapid take-up of the sector.

Read the report

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Mark Adams on ASIC’s Regtech Roundtable

The roundtable facilitated discussion on the current regtech landscape and its development and future potential to promote good risk management and compliance outcomes, and drivers and barriers to regtech in Australia, including what the industry and ASIC can do to help promote the development and application of regtech.

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Last updated: 07/11/2016 09:03