The Australian Securities and Investment Commission has signed an agreement with the Monetary Authority of Singapore with the aim of helping the development of innovative businesses. Under the Innovation Functions Co-operation Agreement, fintech companies in Australia and Singapore will be able to receive advice from regulators on licensing requirements. The idea is to reduce regulatory uncertainty and "time to market". BankVic has reached 100,000 members and is celebrating the occasion with a $10,000 Community Hero Award. It asked members to nominate someone "going above and beyond their daily lives to strengthen their community" and received 140 nominations. The winner will be announced next month. BankVic was launched in 1974 as a mutual for police offers and their families. Its bond now extends to people working in health, emergency and public services. ANZ is expected to appoint advisers to assist in a strategic review of its wealth business, according to The Australian. ANZ's wealth business is, by the bank's own admission, "underweight". A likely scenario is that the bank will sell out of life insurance underwriting and retain a wealth distribution business, according to sources quoted in the article.