FinTech Australia welcomes new ASIC chair

FinTech Australia today warmly welcomed the new chair of the Australian Securities and Investments Commission (ASIC), Mr James Shipton.

“Mr Shipton clearly brings extensive regulatory and financial market knowledge to the position. He also has detailed international experience, which will be a huge asset when it comes to promoting Australia’s interests in the global arena,” said FinTech Australia CEO Danielle Szetho.

“We look forward to working with Mr Shipton to continue, and where possible expand, ASIC’s focus on bringing innovation to financial services in a manner that protects consumer interests and builds trust and confidence.

“ASIC initiatives such as the fintech regulatory sandbox and written guidance on new fintech policy and regulatory matters are crucial tools to grow our fintech industry. We also need ASIC to play a major role driving our new open banking framework.”

Mr Szetho paid tribute to the outgoing chair, Greg Medcraft.

“Under Mr Medcraft’s watch, ASIC drove important innovation initiatives, including establishing its own Innovation Hub and more recently taking an exciting leadership role for our extremely high-potential regulatory technology industry,” Ms Szetho said.

“Mr Medcraft will also leave an important legacy through the international co-operation agreements he and his senior staff signed with overseas regulators.

“We look forward to working with the incoming ASIC chair to harness the full potential of these agreements to create streamlined expansion pathways for our home-grown Australian fintechs, and to build on Australia’s leading international reputation as a forward-thinking and well regulated fintech market.”