In a speech delivered to an Australian Senate Committee meeting last week, James Shipton, Chair of the Australian Securities and Investments Commission (ASIC), told the members Australia can lead the way when it comes to Regtech adoption.
Australia has a vibrant Fintech ecosystem that has benefited from a fairly supportive government and an active Fintech community. In the future, Regtech will play a very important role in the acceleration of broader Fintech adoption.
Shipton says ASIC is encouraging the adoption of regulatory technology (Regtech) solutions in the financial sector.
“ASIC believes Australia can position itself as a world leader in the development, and adoption, of Regtech solutions, and we will look at new ways to encourage this,” Shipton told the Committee. “… I expect there will also be further initiatives necessary to enhance our regulatory approach for tomorrow’s threats.”
Shipton said that leveraging Regtech is part of a broader strategy to manage a “trust deficit between the financial industry and the broader community.” He said that ASIC is discussing with the Government what additional support they may need to pursue their goals.