Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Australian Securities & Investments Commission to set up RegTech industry liaison network

Australian Securities & Investments Commission to set up RegTech industry liaison network

Progress report on ASIC's Innovation Hub, as of May 2017

The Australian Securities & Investments Commission (ASIC1) released a report on last Friday, discussing the regulator’s possible future approach to regulatory technology (RegTech) and providing updates on the work of ASIC’s Innovation Hub. The Innovation Hub was launched in March 2015, to help innovative FinTech businesses navigate the regulatory framework. In mid-2016, the scope of the Innovation Hub was expanded to include engagement with RegTech.

RegTech initiatives

ASIC has proposed a number of new initiatives in the report, building on ASIC’s existing regtech activities, which include the provision of informal assistance to RegTech entities through the Innovation Hub, engagement with the sector at meet-ups and related events, international cooperation and referrals, and a range of existing technology trials.

The first one is to establish a RegTech industry liaison network, comprising industry, technology firms, academics, consultancies, regulators and consumer bodies, with ASIC playing the role of enabler, convener and catalyst. The group is intended to enable networking, discussion of RegTech developments and collaboration opportunities that promote positive applications of RegTech.

ASIC is also committed to conducting new trials, leveraging RegTech technologies in ASIC's regulatory, supervisory and enforcement work. ASIC would update the market and share knowledge on the new RegTech applications to promote wider use of technologies that promote good consumer and market integrity outcomes.   

There are also plans to organise a problem-solving event  or a 'hackathon later in 2017, in collaboration with industry. The event is expected to catalyse thinking and approaches to deal with regulating problems commonly faced by the financial sector and looks to the sector to help identify potential challenges to solve. It would also help identify potential roadblocks in uptake of the technologies and growth of the sector.
Update on regulatory sandbox

ASIC’s regulatory sandbox framework was launched in December 2016. The framework was designed to complement ASIC’s existing framework (which has significant flexibility) and exemptions already provided by the law or ASIC for licensing requirements (e.g. for non-cash payment products like stored-value cards). The framework provides additional guidance and examples on how ASIC exercises discretion under existing policy to assess the organisational competence of a licensee applicant and modifies ASIC’s policy on a licensee’s organisational competence for some limited-in-scale, heavily automated businesses.

The ultimate objective is to promote innovation by reducing red tape without fundamentally compromising consumer protections, such as conduct and disclosure standards, dispute resolution and professional indemnity insurance.

ASIC has also introduced a world-first class waiver that allows eligible businesses industry-wide to test specified services for up to 12 months without an Australian financial services or credit licence, provided they also meet certain consumer protection conditions and notify ASIC before they commence the business.

This is a white-list approach as ASIC will not review each proposed test. This is in contrast to sandbox proposals in other jurisdictions which have involved the regulator selecting applicants and negotiating individual testing terms. The first entity can make use of the class waiver FinTech licensing exemption from mid-May.

ASIC Commissioner John Price said, “ASIC is committed to supporting developments in the regtech sector and a key aspect of our approach is to learn from industry input as well as good international case studies and our own experiences engaging with the sector.”

“ASIC believes regtech can help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, while improving compliance and outcomes for consumers. Our goal is to see the community benefit from these new technologies whilst minimising any potential risks,” he added.

In its 2017-18 Budget, the Australian government expressed commitment to establishing Australia as a leading global financial technology (FinTech) hub and announced a number of policy measures to support innovation and growth in the FinTech industry.

Read the report, ‘ASIC’s Innovation Hub and our approach to regulatory technology’ here.

1ASIC is Australia’s corporate, markets and financial services regulator.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.