Cross-border innovation: Enabling fintech and regtech innovations across borders
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, International Institute of Finance Chief Risk Officer Forum (Singapore), 16 November 2016
Thank you for giving me the opportunity to speak to you today.
I want to touch on three topics in my introductory comments:
- the benefits, opportunities and risks posed by technological innovation – both financial technology (fintech) and regulatory technology (regtech) – in our region
how regulators are and should be responding
how regulators should be and are cooperating in responding.
I will do so as Chairman of ASIC, Australia’s financial services and markets conduct regulator, and as a former Chair of the International Organization of Securities Commissions (IOSCO).
My key message is that, because the internet knows no borders, cooperation between jurisdictions is critical to our markets and economies reaping the benefits and opportunities both fintech and regtech offer.