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.

Last updated: 21/06/2017 12:35