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ASIC Encourages Further Fintech Innovation in Australia

Posted on January 20th, 2017 by Sophie Gerber in AFSL Compliance

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.

Read More on Finance Magnates or in PDF on our Media Page.

Angela Yang

Angela works with the Compliance Team with a particular focus on drafting and amending compliance documentation to tailor to our clients needs. She also assists with AFSL and ACL applications as well as compliance reviews. Angela also works with the Legal Team by providing ongoing assistance in drafting documentation and legal research. Angela assists the compliance consultants in implementing ongoing compliance support, updating procedural documentation and preparing compliance reporting for Compliance Committees and Board of Directors.