The third 2024 Pacific Seminar Series was convened virtually by Pacific Island Centre for Development Policy and Research (PICDPR) at Griffith Asia Institute on 20 August. The presenters were from Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA). ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator and APRA is Australia’s prudential supervisor, responsible for ensuring that our financial system is stable, competitive and efficient. The two are three of the key financial sector regulators in Australia; the third being Reserve Bank of Australia.
The ASIC presenters talked about the Institution’s approach to financial innovation and its enhanced regulatory sandbox. The presentations noted that ASIC’s role was to balance innovation and, at the same time, monitor and uphold market integrity and protect consumers. APRA presenters noted that common challenges in licensing of new financial institutions could be summed up as Four Cs: Capital, Credibility Capability and Contingency.
The Pacific Seminar Series is PICDPR’s initiative for engagement of its stakeholders with the Pacific regulators and policymakers. More than 100 colleagues from the region attended the seminar and appreciated its relevance for the region noting, among others, that that regulators need to have in place clearly established licensing processes and requirements for effective and efficient operations and they need to develop regulatory sandbox to assist in licensing process of fintech companies as well a need to strike the right balance between innovation, regulation and consumer protection.
Dr Parmendra Sharma, PICDPR Program Director, agreed with the relevance and the usefulness of the seminar, noting that:
It was the first of its kind event for the region, especially jointly by APRA and ASIC. These seminars are helping PICDPR’s Pacific partners think more broadly about regulation and its implications for the region.
For more details on past and future events, visit the PICDPR events page.
