Policymakers in Australia are hosting a hackathon to explore tech-driven solutions to regulatory issues, following a similar event held by the Ontario Securities Commission (OSC) last year.
The event, which is known as RegHackDownUnder, is being organized by Chami Akmeemana, who served as fintech advisor to the OSC during the creation of its new fintech unit, OSC LaunchPad. He also helped launch the OSC’s hackathon, RegHackTO, in November.
Akmeemana is also serving as one of the judges for RegHackDownUnder, which will be held May 12-14 at RMIT University in Melbourne. The Australian event will explore technological solutions, such as blockchain-based systems, as well as regulatory problems in the energy and financial services sector.
The winners at the OSC’s hackathon included developer who devised: a method for proving compliance with KYC requirements; a digital identity blockchain solution; and a method for monitoring and evaluating crowdfunding-cryptocurrency initial public offerings.
“The hackathon also brought together technology and subject matter experts in a unique environment that encouraged the resolution of existing regulatory pain points,” notes a paper on the OSC’s event from Akmeemana.
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“The OSC up until RegHackTO was seen as somewhat less than progressive. The impact of the hackathon could very well prove to be a game changer, providing a new lens for the regulators to view and embrace the changing dynamics of the business world, and start operating in a proactive and forward thinking approach,” the paper adds.