The Australian Securities and Investments Commission (ASIC) has launched a new network for testing innovative financial products, services and business models across a range of differing systems and jurisdictions.
Marking its membership of the Global Financial Innovation Network (GFIN), ASIC has invited applications from firms across Australia to join a pilot program that would see their innovative ideas tested around the world.
ASIC said GFIN was a group of 28 international organisations committed to supporting financial innovation in the interests of consumers.
It said the network was formed in August 2018, building on earlier discussions that year on a proposal to support cross-border testing of innovative businesses.
ASIC Commissioner, John Price said membership of GFIN was part of ASIC’s work to encourage innovation in the interests of consumers and the operation of markets.
“Innovation has the potential to offer consumers better quality and value products and services and to promote improved risk management and compliance outcomes by firms through use of regulatory technology,” Commissioner Price said.
“There was positive feedback for creating an environment that allows firms to simultaneously trial and scale new technologies across multiple jurisdictions, gaining real-time insight into how a product or service might operate in the market. Participating regulators will ensure that appropriate consumer protections are in place for the tests.”
He said innovative fintech start-ups interested in applying to take part in pilot cross-border tests should review the list of participating regulators and submit an application before 28 February.
