In an exciting and world-first development, on 15 December 2016,
ASIC released a set of licensing exemptions, which permit eligible
fintech businesses to test certain financial products and services
for a period of 12 months without having to first obtain an
Australian financial services licence (AFSL) or an Australian
credit licence (ACL).
Signal for new policy on innovation for Australia
This is excellent news for Australian based fintechs and signals
a new approach to the regulation of the innovation and venture
technology sector in Australia. Together with other recent reforms
including new tax incentives for investing in early stage
innovation entities introduced on 1 July 2016 and proposed reforms
to regulation of crowdfunding1, these new exemptions
will undoubtedly encourage greater local and foreign capital
investment in Australian innovation projects. By passing these
exemptions, ASIC has demonstrated its commitment to innovation
which will not only ensure
