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

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News

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ASIC broadens fintech cooperation with Canadian regulators

12 December 2017

ASIC has announced a Cooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.

Read the media release

ASIC’s regulatory sandbox proposal to remain unchanged

12 December 2017

ASIC has today released a review of its regulatory sandbox, introduced in December 2016.

Read the consultation paper

ASIC closure over the festive season

6 December 2017

ASIC offices will be closed from 5.00pm on Friday 22 December 2017 to 8.00am on Tuesday 2 January 2018. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.

We encourage businesses to have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Tuesday 12 December 2017 in order to be considered before the shutdown period.

Dubai and Australia seal agreement on fintech cooperation

23 November 2017

The Dubai Financial Services Authority and ASIC have signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Read the release

More news

Events

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Stay informed

For information on what is coming up, sign up at innovationhub@asic.gov.au.

Videos of our recent RegTech showcase now available

Session 1, Session 2.

 

Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Last updated: 03/04/2017 11:48