Eligibility for assistance

Before requesting assistance through the Innovation Hub, please review the eligibility criteria to see if your business is a match. You will also need to consider the timing of your request as we will require some key information on your business model in order to provide valuable assistance.

We welcome requests through the Innovation Hub and the criteria below to guide us on whether a business is eligible for informal assistance.

At the very base level, your business must be a fintech business (ie a technology company developing financial products or services) to receive support, and one of the scenarios below should apply to you:

  • your business has not commenced operation under a licence from ASIC
  • your business is in the process of obtaining a licence from ASIC
  • your business has been operating with a licence from ASIC for less than 12 months.

In addition to this you need to address the following key criteria:

Innovation that is potentially ground-breaking

We are more likely to provide assistance to truly innovative businesses and consider a ground-breaking innovation to be one which is a new or significantly different product or service from those currently available.

Innovation that provides a better outcome for investors and consumers

Whether an innovative fintech product or service can potentially provide a better outcome for investors and consumers is a key factor that we will consider.

Timing

The timing of your request within your business planning process is important as the level of detail that you can supply will greatly affect the quality of the advice that we can provide. When applying for assistance you need to be able to describe:

  • what your business will be and the stage your innovation is at
  • who your customers are
  • the services you’ll be providing and how
  • how payment for the service you are offering will be managed
  • other businesses you will work with
  • the type of help you need from ASIC.

Checklist

  1. Are you a fintech startup?
  2. Does one of the specified licensing scenarios apply to your business?
  3. Can you describe in reasonable detail how your business works and who your customers are?
  4. Is your innovation potentially ground breaking?
  5. Will your innovation provide a better outcome for investors and consumers?

Related links

Subscribe for updates

Innovation Hub Asic Website Rhn Icons Sunscribe PurpleTo subscribe for updates email
innovationhub@asic.gov.au

News

Innovation Hub Asic Website Rhn Icons Latest News Purple

Japan and Australia cooperate on fintech

23 June 2017

The Japan Financial Services Agency ('JFSA') and ASIC today announced the completion of a framework for cooperation to promote innovation in financial services in Japan and Australia.

Read the media release

ASIC proposes next steps on regtech
27 May 2017

ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a 'hackathon' later this year to help identify roadblocks to the successful and rapid take-up of the sector.

Read the report

More news

Events

Innovation Hub Asic Website Rhn 

Icons Events Purple

ASIC on Crowd-sourced Funding
17 July 2017

Join ASIC Commissioner, John Price to learn more about ASIC's approach to the new CSF legislation and current consultation papers proposing guidance for public companies and intermediaries to assist them in using the new regime.

Find out more

Podcasts

Innovation Hub Asic Website Rhn Icons Podcast Purple

Mark Adams on ASIC’s Regtech Roundtable

The roundtable facilitated discussion on the current regtech landscape and its development and future potential to promote good risk management and compliance outcomes, and drivers and barriers to regtech in Australia, including what the industry and ASIC can do to help promote the development and application of regtech.

Listen now or download for later

Last updated: 03/04/2017 11:48