Labor to boost ASIC’s fintech capability in Perth

Labor to boost ASIC’s fintech capability in Perth

Labor will provide fintechs based in Perth with more regulatory support, pledging an increase in funding for the corporate regulator so it can extend its “innovation hub” to the city and help start-ups connect with the Asian region.

Shadow minister for the digital economy Ed Husic and Clare O’Neil, shadow minister for financial services, will announce on Thursday that Labor will fund a new Australian Securities and Investments Commission executive based in Perth to work on fintech licensing and start-up regulation. This will mean founders don’t need to trek to the east coast for meetings.

“The commitment we are making to establish an ASIC rep on the ground in Perth might sound modest but it’s so important for the firms based in WA,” Mr Husic said. “This position will ensure WA can strengthen its position as a regional fintech hub.”

Perth has a fledgling but growing fintech, crypto and blockchain scene. Projects include the Australian National Blockchain, a collaboration between Herbert Smith Freehills and Data 61. Energy trading start-up Power Ledger, the ASX-listed initial coin offering adviser DigitalX and Pin Payments are also based in the WA capital.

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