FinTech And Robo Advice
With the growing reliance on technology in our daily lives, it is only logical that the financial industry follow suit with the development of Financial Technology or Fintech. Examples of these Fintech developments include Roboadvice or Automated Advice and Financial Calculators.
Even though the Australian Government and the Australian Securities and Investment Commission (ASIC) have acknowledged the need to foster this evolution with the creation of ASIC’s Innovation Hub and the Digital Financial Advisory Committee. Unfortunately, regulation has not yet, but is in progress, of being updated to embed technology neutrality to not discourage innovation.
Therefore in order for these innovations to be relevant now, compliance with existing regulation is a keynote to launching to market. If you have an innovative idea that reinvents financial services but need assistance in managing your compliance obligations, HLK Group has the expertise.