ASIC backs fintech industry with new committee

The regulator's Innovation Hub, established in April this year, has been developed to help fintech companies navigate ASIC’s regulatory system and encourage further innovation.

As part of the hub, ASIC has established the Digital Finance Advisory Committee (DFAC) – an external committee that will guide the regulator’s efforts in the sector.

ASIC commissioner John Price said the regulator is committed to encouraging innovation, particularly where it can lead to better consumer and market outcomes.

“These perspectives provided by the committee members will help ASIC direct its efforts in the fintech sector," he said

Despite the relative success of the Innovation Hub – 32 external meetings with fintech businesses have been recorded since its establishment – ASIC still prioritises regulation.

“ASIC will not compromise the fundamental principles of financial services regulation.

“We continue to prioritise appropriate regulation to promote customer and investor trust and confidence,” Mr Price said.

The DFAC is comprised of: SocietyOne chief executive Matt Symons, Stone and Chalk chief executive Alex Scandurra, Sunsuper director Jenni Mack, Tyro Fintech Hub head Andrew Corbett-Jones, H2 Ventures managing director Toby Heap, 25fifteen general partner Kim Heras, and Fishburners general manager Murray Hurps.

Monash University professor of finance Deborah Ralston will serve as chair.