The Australian Securities and Investments Commission (ASIC) has proposed the launch of a regulatory sandbox to help FinTech start-ups in the region.
The regulatory sandbox will allow FinTech start-ups in Australia a window of testing for products and input from experts to help with complicated regulatory requirements.
John Price, Commissioner at ASIC, said he anticipates the sandbox will “bring better financial services to market quicker.”
Price said: “ASIC will continue to prioritise assistance to FinTech start-ups to promote market efficiencies and benefits for consumers and investors.”
The regulatory sandbox will be launched via the ‘innovation hub’, which was launched just over a year ago.
The Financial Conduct Authority (FCA) in the UK launched ‘Project Innovate’ in 2014, and has since launched its own regulatory sandbox.
Regulators around the world are promoting FinTech initiatives like ‘Project Innovate’ and regulatory sandboxes, in the fight to be recognised as a global FinTech hub.
ASIC explained a consultation paper will be published in June this year, seeking feedback and suggestions on FinTech initiatives, with more details on the proposed regulatory sandbox.