A recent whitepaper commissioned by Deutsche Bank looks at the need for effective regulations for cross-border data sharing and the ethical use of artificial intelligence.
The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.
Banks cannot have executives or board members serving concurrently as directors or supervisors at the virtual banks in which they are invested.
Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.
The APAC RegTech Network was established by the regtech committees of the fintech associations of Hong Kong, Japan and Singapore in May.
Financial firms say public cloud projects are delivering better-than-expected cost reductions and enabling innovation, but data privacy and regulatory concerns are slowing adoption.
The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.
Under new guidelines, rules limiting how much financial firms can invest in non-financial sector tech firms will be lifted, and investment will be allowed in a wider range of fintech firms.
The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.
An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.