ASIC plans an innovation hub

The Australian securities and Investments Commission plans to build an innovation hub to assist start-ups navigate the regulatory system.

ASIC chairman Greg Medcraft opened the regulator's annual forum in Sydney yesterday with a commitment to invest in facilitating innovation.

The innovation hub will streamline licence application processes, provide dedicated contacts within ASIC for innovative businesses and offer live webchat facilities.

"We are open for business to help innovative companies," Medcraft said.

ASIC has been looking at a service provided by the Korean securities regulator, which offers co-ordinated guidance and support to the fintech sector.

ASIC is also looking at streamlining its regulatory and licensing processes for fintech companies.

It hopes to work with state governments to pass on the benefits of their innovation initiatives, such as the recently launched Stone & Chalk fintech hub in Sydney.

Industry representatives speaking at the conference welcomed the initiative.

Peter Williams, the chief edge officer at Deloitte's Centre for the Edge, said innovation should be a collaborative exercise and the planned hub was a good idea.

Matt Symons, the chief executive of peer-to-peer lender SocietyOne said he would welcome any opportunities arising from the creation of such a hub and would participate.

"Industry and regulators need to collaborate," Symons said.