RG 257 Testing fintech products and services without holding an AFS or credit licence
Issued 24 February 2017
This is a guide for financial technology (fintech) businesses seeking to test products and services before they obtain an Australian financial services (AFS) licence or Australian credit licence (credit licence).
We explain the options available for testing without a licence. This can occur where:
- there are existing statutory exemptions or flexibility in the Corporations Act 2001 (Corporations Act) and National Consumer Credit Protection Act 2009 (National Credit Act);
- the business can rely on ASIC’s relief under ASIC Corporations (Concept Validation Licensing Exemption) Instrument 2016/1175 or ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176 for testing certain specified products and services; or
- for other services, where ASIC grants individual relief.
All of these measures collectively form Australia’s ‘regulatory sandbox’ framework.
- Download the guide (PDF 316 KB)
- Infographic – Licensing exemption for fintech testing
- Download infographic – Licensing exemption for fintech testing (PDF 51 KB)
- Infographic – ASIC’s financial services and credit frameworks - flexibility for new businesses
- Download infographic – ASIC’s financial services and credit frameworks - flexibility for new businesses (PDF 43 KB)