Enhanced regulatory sandbox exemption users

Enhanced regulatory sandbox: current users

Kuber Financial Pty Ltd

ABN: 90 652 317 907

Authorisations/Services Approved

  • Dealing by issuing, varying or disposing of a non-cash payment facility;

Clients: Retail and wholesale

Business Description: Kuber Financial Pty Ltd proposes to provide a peer-to-peer and merchant payment system securely and in real time using blockchain technology. The ‘Kuber’ app will allow users to keep track of their financial affairs in a simple and smart way by providing additional features such as periodic analytics, social media connectivity and group finance management apart from peer-to-peer and merchant transfers. The technology stack of Kuber Financial is in line with ISO27001 cyber security standards and they have also applied to the ACCC to become a CDR Accredited Data Recipient.

Date ERS exemption commences: 30 April 2022

Date ERS exemption ceases: 29 April 2024  

AFCA membership number:  86775

 

Waave Technologies Pty Ltd

ABN: 60 642 784 030

Authorisations/Services Approved

  • Providing General Advice in relation to the following financial product:
    • a non-cash payment facility made available by an ADI in the course of its banking business;
    • Dealing by issuing, varying or disposing of a non-cash payment facility;

Clients: Retail and wholesale

Business Description: Waave Technologies Pty Ltd plans to offer a digital wallet (the Waave app) to make one-off or recurring payments to merchants / utilities. Funds for payments will be sourced from the customer’s existing bank accounts (verified through Open Banking) and real-time payments will be made using the New Payments Platform (NPP).

Date ERS exemption commences: 23 December 2021

Date ERS exemption ceases: 23 December 2023  

AFCA membership number:  86444

 

Carbon Investment Group Pty Ltd

ABN: 55 634 223 911

Authorisations/Services Approved

  • Providing General Advice in relation to the following financial product:
    • a security included in an official list of a prescribed Australian financial market;

Clients: Retail only

Business Description: Carbon Investment Group Pty Ltd proposes to provide a subscription-based stock picking service to its clients through its website. The stocks are Australian-listed securities which will be selected based on advanced algorithms that use Artificial Intelligence (AI).

Date ERS exemption commences: 29 September 2021

Date ERS exemption ceases: 28 September 2023  

AFCA membership number:  82079

 

Linea Operations Pty Ltd (trading as Acacia Money)

ABN: 78 639 332 317

Authorisations/Services Approved

  • Providing General Advice and Dealing by arranging for the issuing, varying or disposing of a financial product in relation to the following financial products:
    • a deposit-taking facility made available by an ADI in the course of its banking business, other than a Retirement Savings account (RSA);
    • a superannuation product in a regulated superannuation fund issued by an APRA-regulated RSE licensee; and
    • a security included in an official list of a prescribed Australian financial market;

Clients: Retail only

Business Description: Linea Operations Pty Ltd proposes to offer an app that will provide clients with a holistic view of their finances, enable product comparisons and provide access to investing in Australian shares through third-party broker arrangements.

Date ERS exemption commences: 11 July 2021

Date ERS exemption ceases: 10 July 2023  

AFCA membership number:  83297

 

InvestorFX Pty Ltd

ABN: 95 606 593 499

Authorisations/Services Approved:

Provide General Advice and Deal by Applying for or Acquiring the following classes of financial products – to wholesale clients only:

  • a non-cash payment facility made available by an ADI in the course of its banking business;
  • an interest in a simple managed investment scheme;
  • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
  • a security included in an official list of a prescribed Australian financial market;
  • a security included in an official list of a prescribed overseas financial market: New York Stock Exchange, NASDAQ, LSE, DAX and Euronext;
  • foreign exchange contracts;
  • basic and non-basic deposit products;
  • interests in managed investment schemes including IDPS; and
  • interests in managed investment schemes limited to MDA services

Deal by issuing, varying or disposing of a non-cash payment facility – to wholesale clients only.

Clients: Wholesale

Business Description: InvestorFX Pty. Ltd. proposes to provide, through its ‘IFX App’, a single hub for personal investment, saving, payments, budgeting / analytics, digital wallet, currency transfers and borrowing. 

Date ERS exemption commences: 28 March 2021

Date ERS exemption ceases: 27 March 2023  

AFCA membership number: 80942 

 

Halalstocks.co Pty Ltd

ABN: 77 639 348 593

Authorisations/Services Approved: General advice in securities included in an official list of a prescribed overseas financial market (NYSE and NASDAQ in the United States).

Clients: Retail

Business Description: Halalstocks.co Pty Ltd offers clients a menu of ethical and Shariah-compliant equity investment options (‘models’) on their website and app, and customers can select a model based on their preference.

Date ERS exemption commences: 5 January 2021

Date ERS exemption ceases: 4 January 2023  

AFCA membership number: 79890

 

Bano Pty Ltd

ABN: 93 643 260 431

Authorisations/Services Approved: 

  • Providing general financial product advice for the following classes of financial products:
    • a deposit taking facility made available by an ADI in the course of its banking business, other than an RSA;
    • a non-cash payment facility made available by an ADI in the course of its banking business;
    • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
    • a security included in an official list of a prescribed Australian financial market;
    • a security included in an official list of a prescribed overseas financial market: Euronext, Frankfurt Stock Exchange, Hong Kong Stock Exchange, JSE (Johannesburg Stock Exchange), London Stock Exchange, NASDAQ Global Market, New York Stock Exchange, NZX (New Zealand Stock Exchange), Singapore Exchange, SIX Swiss Exchange, Tokyo Stock Exchange, Toronto Stock Exchange;
    • an interest in a simple managed investment scheme;
  • Dealing by applying for or acquiring / Dealing by arranging for the issuing, varying or disposing of the following financial products:
    • a deposit taking facility made available by an ADI in the course of its banking business, other than an RSA;
      a non-cash payment facility made available by an ADI in the course of its banking business;
    • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
    • a security included in an official list of a prescribed Australian financial market;
    • a security included in an official list of a prescribed overseas financial market: Euronext, Frankfurt Stock Exchange, Hong Kong Stock Exchange, Johannesburg Stock Exchange, London Stock Exchange, NASDAQ Global Market, New York Stock Exchange, New Zealand Stock Exchange, Singapore Exchange, SIX Swiss Exchange, Tokyo Stock Exchange, Toronto Stock Exchange;
    • an interest in a simple managed investment scheme; and
  • Dealing by issuing, varying or disposing of a non-cash payment facility

Clients: Retail and wholesale

Business Description: Bano Pty Ltd offers a digital wallet that, in addition to payment services, also offers users options to avail of remittance services and to invest in simple managed investment schemes, domestic/international securities, and Commonwealth debentures/stocks/bonds.

Date ERS exemption commences: 19 December 2020

Date ERS exemption ceases: 19 December 2022

AFCA membership number: 78414

 

Fee Stream Pty Ltd

ABN: 64 635 453 164

Authorisations/Services Approved: Dealing by issuing, varying or disposing of a non-cash payment facility.

Clients: Retail

Business Description: Fee Stream Pty Ltd operates a payments bridge business model using SaaS technology combined with behavioural analytics to produce better cashflow outcomes for both customers and merchants. It helps customers set up their own payment plan and make flexible payment towards bills, such as council rates.

Date ERS exemption commences: 1 October 2020

Date ERS exemption ceases: 30 September 2022

AFCA membership number: 77369

 


Enhanced regulatory sandbox: past users

 

Xen Pay Pty Ltd

ABN: 28 642 659 658

Authorisations/Services Approved: Dealing by issuing, varying or disposing of a non-cash payment facility.

Clients: Retail

Business Description: Xen Pay Pty Ltd proposes to provide a zero touch payments service between clients via a mobile app by one of two methods – either by scanning an assigned QR Code or nominating the mobile phone number registered to a payee (consumer or merchant).

Date ERS exemption commenced: 19 February 2021

Date ERS exemption was scheduled to cease based on ASIC approval: 18 February 2023  

Date ERS exemption ceased based on notice from the entity to ASIC: 3 March 2022

AFCA membership number: 78306

 

Westgate Finance Pty Limited

ABN: 30 072 165 603

Authorisations/Services Approved:

Financial services:

  • Providing personal financial product advice in a non-cash payment facility made available by an ADI in the course of its banking business, other than an RSA;
  • Dealing by applying for or acquiring a non-cash payment facility made available by an ADI in the course of its banking business;
  • Dealing by issuing, varying or disposing of a non-cash payment facility; and
  • Arranging for the issuing, varying or disposing of a non-cash payment facility made available by an ADI in the course of its banking business.

Clients: Retail

Credit activities:

  • Provide credit contracts with a term that does not exceed 4 years and a credit limit of more than $2,000 and less than $25,000.
  • Provide credit services in relation to credit contracts with a term that does not exceed 4 years and a credit limit of more than $2,000 and less than $25,000.

Business Description: Payments platform that offers credit to strata owners and makes quarterly strata payments on their behalf to strata managers under previously established distribution arrangements. 

Date ERS exemption commenced: 17 May 2021

Date ERS exemption was scheduled to cease based on ASIC approval: 16 May 2023  

Date ERS exemption ceased based on notice from the entity to ASIC: 28 May 2021

AFCA membership number: 81963 

 

Sorgenfrey Pty Ltd

ABN: 48 646 362 183

Date ERS exemption ceased based on notice from the entity to ASIC: 30 November 2021

 

Edufund Pty Ltd

ABN: 13 647 371 739

Date ERS exemption ceased based on notice from the entity to ASIC: 1 March 2022

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Applications Close for Business Research and Innovation Initiative - Regulatory Technology Round

17 June 2021

The Australian Government is providing up to $10 million in grant funding to Australian startups and SMEs to help bring their big ideas to market. Applications for the Business Research and Innovation Initiative have now closed.

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ASIC joins the Business Research and Innovation Initiative - Regulatory Technology Round

15 April 2021

ASIC’s BRII challenge seeks to establish an innovative technology solution to analyse market announcements (and other corporate disclosures) by listed companies and entities to help identify and assess poor market disclosure. More information can be found in the challenge fact sheet.

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14th ASIC regtech liaison forum - registrations now open

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ASIC's 14th Regtech Liaison Forum will take place 10:30am Friday 10 December 2021. More information.

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Financial Innovation: Regulator meet-up - recording now available

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Last updated: 20/05/2022 04:30