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CDO article on #RegTechOpen4Business session on Government and Customer Service. Read more
Since the committee finished its last round of public hearings in February, Australia’s economic and financial environment has changed dramatically as a result of the unfolding COVID-19 pandemic. The committee is keenly aware that these rapid and unexpected changes will have a significant impact on the FinTech and RegTech sectors. In light of current circumstances, the committee is not going to press ahead with its previous timetable. Instead, the committee has re-opened its inquiry submission process to enable submitters to provide further input to the committee on what the critical needs of the sector are at this time. Read more
Press release here 200322 Stimulus MR.pdf
Fact sheets here
The Morrison Government today announced an investment of up to $15 billion to enable smaller lenders to continue supporting Australian consumers and small businesses.
The Government’s actions will enable customers of smaller lenders to continue to access affordable credit as the world deals with the significant challenges presented by the spread of coronavirus.
Small lenders are critical to Australia’s lending markets, often driving innovation and providing competition for larger lenders.
This funding will complement the Reserve Bank of Australia’s (RBA’s) announcement of a $90 billion term funding facility for authorised deposit-taking institutions (ADIs) that will also support lending to small and medium enterprises.
Combined, these measures will support the continued ability of lenders to support their customers and in doing so the Australian economy.
The Australian Office of Financial Management (AOFM) will be provided with an investment capacity of $15 billion to invest in wholesale funding markets used by small ADIs and non-ADI lenders.
The $15 billion capacity would allow the AOFM to support a substantial volume of expected issuance by these lenders over a 12 month period.
Importantly the assets being purchased by the AOFM will not be limited to residential mortgage backed securities. The AOFM will also be able to invest in a range of other asset backed securities and warehouse facilities. The Government will provide the AOFM with investment guidelines that will outline the basis on which the AOFM is to undertake these investments.
Enabling legislation will be introduced in the week commencing Monday, 23 March 2020. The AOFM is expected to be able to begin investing by April.
The winners of the RegTech Association’s RegTech Awards 2020 were announced at an inaugural #RegTechExcellenceintheCloud event beamed globally on Tuesday night. Around 100 people from more than 60 organisations globally attended the online broadcast.
This year’s awards featured brand-new categories recognising RTA members who have achieved the greatest impact over the past year. More information here.
To all our supporters and members
I write to inform you that, in consultation with the critical mass of sponsors and stakeholders, this morning the RegTech board took the decision to postpone our annual #ACCELERATERegTech conference and expo, and all associated events, scheduled from 16 to 17 March.
We will share with you our plans as soon as we’ve had the chance to assess the various options and factor in the limitations the ongoing COVID-19 emergency will place on us.
While #ACCELERATERegTech is still in its infancy, we firmly believe that itis evolving into the key networking and learning event for our sector. We are committed to re-framing the event and looking for suitable alternate dates and formats in the future.
In the interim, if you’ve got any queries please contact us on firstname.lastname@example.org.
My sincere apologies for any inconvenience this postponement may cause you.
Stay well and I look forward to speaking to you soon.
The RegTech Association
Please bookmark this page for updates as they come to hand.
ACCELERATE RegTech 2020
Senator, The Hon. Jane Hume has announced new laws have been passed to drive fintech innovation and competition in the financial sector with the creation of a fintech regulatory sandbox.
The sandbox allows fintechs to test new products and services for 24 months without obtaining a financial services licence or a credit licence from the Australian Securities and Investments Commission (ASIC). It will provide a safe environment to help fintechs create a minimum viable product to take to market – to work out if their products and services are robust and have value for consumers.
By removing barriers to entry for new fintechs, the regulatory sandbox will enable greater competition in the financial system, which is critical in ensuring that both consumers and businesses get value for money from the financial products and services they use.
More information here. https://ministers.treasury.gov.au/ministers/jane-hume-2019/media-releases/new-laws-passed-drive-fintech-innovation-and-competition
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