ARTICLE · 25 OCTOBER 2017

'Regulatory Sandbox' For Fintechs Envisaged In New Draft Australian Legislation

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Businesses will be able to test innovations in financial technology (fintech) in a live customer environment in Australia under proposed changes to legislation in the country.

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Businesses will be able to test innovations in financial technology (fintech) in a live customer environment in Australia under proposed changes to legislation in the country.

Plans for an "enhanced regulatory sandbox" were outlined by the Australian Treasury on Tuesday.

According to the proposals, businesses will be able to benefit from "conditional exemptions" from existing financial services and/or credit licensing requirements for up to two years while they test new financial and credit products.

The measures are designed to support innovations in fintech, the Treasury said in an explanatory document issued alongside the proposed new legislation.

"The purpose of the [new exemption regulations] is to create a 'regulatory sandbox' to encourage and support the design and delivery of new financial and credit services that will benefit consumers and businesses," the Treasury said.

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