Fintech—Australia—Q&A guide

The following TMT practice note provides comprehensive and up to date legal information covering:

  • Fintech—Australia—Q&A guide
  • 1. What is the general state of fintech innovation in your jurisdiction?
  • 2. Do government bodies or regulators provide any support specific to financial innovation? If so, what are the key benefits of such support?
  • 3. Which bodies regulate the provision of fintech products and services?
  • 4. Which activities trigger a licensing requirement in your jurisdiction?
  • 5. Is consumer lending regulated in your jurisdiction?
  • 6. Are there restrictions on trading loans in the secondary market in your jurisdiction?
  • 7. Describe the regulatory regime for collective investment schemes and whether fintech companies providing alternative finance products or services would fall within its scope.
  • 8. Are managers of alternative investment funds regulated?
  • 9. Describe any specific regulation of peer-to-peer or marketplace lending in your jurisdiction.
  • More...

Fintech—Australia—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to fintech in Australia published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2020).

Authors: Piper Alderman—Andrea Beatty; Michael Bacina; Sarah Johnson; Tim Clark; Tim O'Callaghan; Andrew Rankin; Will Fennell

1. What is the general state of fintech innovation in your jurisdiction?

The Australian fintech sector continues to rapidly evolve, as entities work together to transform the industry and reshape the provision of financial services in the wake of covid-19. Recognising the size and scope of the opportunity for Australian consumers and business arising from fintech, the federal government established a Senate Select Committee on Financial Technology and Regulatory Technology in late 2019, to which there have been over 160 public submissions to date.

2. Do government bodies or regulators provide any support specific to financial innovation? If so, what are the key benefits of such support?

While various regulators and government departments offer fintech-specific services or benefits, there is no overarching fintech strategy yet implemented by the government. However, the Senate Select Committee on Financial Technology and Regulatory Technology is due to present its final report on 16 April 2021.

The Australian Securities and Investments Commission’s (ASIC) innovation hub encourages eligible businesses to apply for informal assistance and guidance on Australia’s financial services laws. Unfortunately, the hub does not offer businesses any

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