This is my theory for what might happen. We will continue to see more in depth questions of how ISX works. We just have to let it happen. It’s all part of the process.
Rules will be amended as ASIC and ASX continue to understand how FinTechs work. The deal will be that ASIC will support the growth of FinTech and ASX will demand the highest level of disclosure so that investors are not too confused. We have to agree, Aussies are not as tech savvy as the Chinese, the UK and the US. We can claim we know more about mining companies though.
Open Banking will be promoted a lot in the new year and they will push that consumers now have the choice to move from incumbent banks to Neobanks as well as move from incumbent insurance companies to InsurTech companies etc etc.
ASIC and ASX will set up a “Regulatory Sandbox” to give FinTech companies the room to breathe as they innovate. ASIC understands FinTechs is an entirely different beast to companies like Kogan, Woolworths, Caltex and BHP.
Next year there will be more intense discussions around Consumer Data Rights and Cybersecurity. ISX by definition of their company will be caught up with this as well. Hence the need to get on top of them now. ISX can be hacked and they need to demonstrate what measures they have in place to prevent this.
I’m sure non of us here are concerned that BHP and Caltex will have a problem with Consumer Data Rights issues or Cybersecurity.
Anyways I’ve attached some screenshots of why I have come up with this theory. All my other research is in the Marco Trends thread.
Source:
https://www.finextra.com/blogposting/15759/the-role-of-regulatory-sandboxes-in-fintech-innovation
