ASIC vows four-year focus on technology
The Australian Securities and Investments Commission (ASIC) has announced it will focus on promoting “strong and innovative development” for the country’s financial system.
The four-year focus, announced in its 2020-24 corporate plan on Monday, will see ASIC make better use of data to inform its regulatory decisions by using artificial intelligence (AI) techniques, such as machine learning and text and voice analytic solutions.
It will also undertake new and recurrent collections of data, share data with other agencies, create partnerships with commercial data providers, embed automation and AI tools into its data governance practices, and forge new partnerships with domestic and international regulators and others to ensure it is using data the right way.
The four-year plan will also see ASIC address harms to consumers, investors, and markets that may arise as a result of technological shifts.
In facilitating advancements in technology that are beneficial to consumers, investors, and markets, the corporate regulator said it would also support the fintech, suptech, and regtech sectors through its innovation hub and newly announced enhanced regulatory sandbox.
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