Is my fintech company eligible for assistance?

ASIC’s Innovation Hub is for fintech companies that need help with licencing. To be eligible for assistance, your business should either:

  • Require an Australian financial services licence or an Australian credit licence from ASIC;
  • Be in the process of obtaining one of those licences; or
  • Already have one of those licences for less than 12 months.

Fintech licencing details

To determine whether you need help with licencing, you may need to read instructions specific to:

How ASIC selects fintechs to assist

If you do need assistance with licencing and have decided to apply, please note that the Innovation Hub is more likely to preference innovative businesses. ASIC considers ‘ground-breaking innovation’ to be new or significantly different products or services from those currently available.

Whether your fintech product or service can potentially provide a ‘better outcome’ for investors and consumers is a key factor we will also consider.

Two other factors will help determine whether your business is selected for assistance: the timing of your request within your business-planning process, and the level of detail you supply in your application. This is because both these issues will affect the quality of advice ASIC can provide.

Therefore, when filling in your application for assistance form please describe:

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

Fintech assistance checklist

  1. Is your startup or scaleup developing financial products or services?
  2. Does one of the specified licensing scenarios apply to your business?
  3. Can you describe 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?

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News

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Government's enhanced regulatory sandbox to commence 1 September 2020

1 July 20202

The Government’s Enhanced Regulatory Sandbox will be available from 1 September 2020. It will supersede the current ASIC Sandbox and offer eligible fintechs a wider suite of services and products for testing for a maximum duration of 24 months.

Find out more

Senate Select Committee on Financial Technology and Regulatory Technology

17 April 2020

The Senate Select Committee on Fintech and Regtech recently opened a second round of submissions requesting input on critical needs from industry in response to the COVID-19 pandemic. Follow the links below to read both of ASIC submissions to the Select Committee.

ASIC's first submission - 20 December 2019

ASIC's second submission - 17 April 2020

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Archive

Events

Ihnews

10th ASIC regtech liaison forum

7 August 2020

Registrations are now open for the latest quarterly ASIC Regtech Liaison Forum, scheduled for 2.00pm AEST Friday 7 August 2020.

The forum provides a chance for industry and regulators to discuss the developments and opportunities within the regulatory technology space.

Registrations to attend the webinar are now open.

Event details

Responsible lending demonstration webinar

20 August 2020

ASIC has released a synthetic dataset of consumer loan files for regtech providers to demonstrate how AI and machine learning could be used to support firms’ compliance with responsible lending obligations.

Registrations for the webinar, and to download the dataset, are now open.

Find out more


Archive

Last updated: 01/05/2019 04:50