ASIC has identified three main issues restricting fintech firms.

Last month, the Australian Securities and Investments Commission (ASIC) proudly announced its unique fintech exemption designed for startups seeking to enter the financial services industry.

However, the uniqueness of this exemption lies in the fact that no other major jurisdiction has yet implemented such a waiver, which allows eligible fintech businesses to test specified services and products without holding an Australian Financial Services Licence (AFSL) or Australian Credit Licence (ACL).

Other countries (such as the UK, Japan and Singapore) have indicated their intention to offer similar waivers, so in 2017 we are expecting to see a flurry of regulatory announcements as other countries try to avoid being left behind.

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