In a recent speech Mr Shipton said one of ASIC’s new “supervisory approaches” would be to see a greater adoption of regtech solutions in the financial industry.
“ASIC believes Australia can position itself as a world leader in the development, and adoption, of regtech solutions.
“These solutions will be key to overcoming the significant conduct challenges facing Australia’s financial industry, and have the potential to promote better consumer outcomes,” Mr Shipton said, citing the possibility of “augmented human judgement supervision” as an example.
“We want to speed progress to this outcome. To this end, ASIC is already engaging with the regtech and fintech sectors to promote opportunities to collaborate and share information on regtech.”
The chairman also indicated that the corporate regulator would be working even more closely with the fintech sector and creating new partnerships with fintech and regtech firms in the future.
“We want to build on this momentum to find further ways to collaborate and assist with the development of these new technologies,” Mr Shipton said.
In September last year, ASIC published a new report that revealed the fintech sector's response to the regulator's new innovation hub.