ob体育 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.
The initiatives are among a range of proposals covered in Report 523 ob体育鈥檚 Innovation Hub and our approach to regulatory technology, released today, covering ob体育's approach to regtech and inviting feedback from the sector and wider industry.
In addition to covering current initiatives the regulator has underway and proposed next steps, the report also gives an update on the work of ob体育鈥檚 Innovation Hub, launched in March 2015, to help innovative fintech businesses navigate the regulatory framework.
The report comes as ob体育鈥檚 regulatory sandbox begins to take shape, with the first entity able to make use of the class waiverfintech licensing exemption from mid-May. ob体育 also continues to grant tailored waivers to fintech firms to reduce red tape without fundamentally compromising consumer protections.
This follows on from the regulator鈥檚 regtech roundtable event, held in Sydney and Melbourne in February this year, where attendees emphasised the importance of rich engagement throughout the sector to make the most of what regtech has to offer.
ob体育 Commissioner John Price said, 'ob体育 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.'
'ob体育 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 said.聽
New initiatives proposed by ob体育 within the report include:
Establishing new regtech liaison group
To establish a new regtech liaison group comprising industry, technology firms, academics, consultancies, regulators and consumer bodies where ob体育 proposes to play 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.
Continued use of technology trials
To commit to a number of new trials using regtech technologies in ob体育's regulatory, supervisory and enforcement work.聽 ob体育 would look to 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.聽聽聽
Problem-solving event
To undertake a problem-solving event ('hackathon') together with industry later in 2017.聽 ob体育 considers such events to have potential 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.
These new initiatives are intended to build on ob体育鈥檚 existing regtech activities, which include the provision on informal assistance to regtech entities through their Innovation Hub, engagement with the sector at meet-ups and related events, international cooperation and referrals, and a range of existing technology trials.
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Background
ob体育鈥檚 regtech roundtable
On 8 February 2017, ob体育 hosted its first regtech roundtable in Sydney and Melbourne to hear a variety of views, including future opportunities, on the application of regtech in Australia. The event garnered a strong turnout with over 80 entities from the sector participating in a robust discussion on the regtech landscape, while other regulators and government officials observed.
ob体育鈥檚 Innovation Hub
In March 2015, ob体育 launched an Innovation Hub to help fintech businesses navigate the regulatory system without compromising investor and financial consumer trust and confidence.
The Innovation Hub helps fintech businesses by providing access to senior staff at ob体育 to streamline licensing processes and offering informal guidance to help bridge any knowledge and resourcing gaps.