Fintech and investment company DigitalX (ASX: DCC) is set to make management of more than 10,000 ASX notices a streamlined process driven by automation with the launch of their RegTech platform Drawbridge.
With high regulatory requirements for ASX-listed companies and their Directors in order to best protect investors, there are tens of thousands of ASX announcements released each year which are deemed “Non-Price Sensitive”. These announcements are largely administrative including more than 10,000 Change of Director Interest notices where Directors must notify the market when one of their related entities increases or decreases their holdings of a Company they are appointed by.
Through DigitalX’s new platform, companies can notify of trading windows, enable employees to make trading requests and draft the relevant ASX announcement that needs to be released in order for the Company to meet their ASX regulatory requirements.
“Drawbridge represents the first application in our push towards providing next generation RegTech solutions into the market,” said DigitalX Executive Director, Leigh Travers.
“While the research and development phase was extensive over the year, the pace and quality of the development is a testament to the small team and their execution capabilities. Importantly, it only marks the commencement of our work in this area and our team is already focussed on developing new products, utilising our blockchain skills and experience, to create a big presence in this space and create a new line of revenues for the Company.”
Drawing upon DigitalX’s expertise in blockchain technology, Drawbridge is the first example of ASX RegTech being mixed with the distributed ledger technology that can be utilised to connect and record information on listed companies and their trading ecosystems.
The launch of Drawbridge will be coupled with an Early Adopter Program where listed companies can engage the platform with discounted subscription fees in lieu of feedback over the next 6 months to help DigitalX develop the technology further. Onboarding is expected to commence next month with the target market being the ASX’s 2,200 listed companies, with future plans also involving other international stock exchanges.
DigitalX’s blockchain application falls within the ASX’s grander scheme to replace their current CHESS holdings infrastructure with a blockchain-based solution.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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