BNPL fintech Humm receives interim stop order from ASIC

Buy Now Pay Later fintech humm has received an interim stop order issued by the Australian Securities and Investments Commission (ASIC) in relation to concerns regarding the target market determination for the humm BNPL product.

In a statement to the ASX, hummgroup has stated that it “… is complying with the requirements of the interim stop order which restricts the ability to provide the humm BNPL product to new customers. hummgroup can continue to service existing customers to whom the product has already been provided.”

Humm also said that it “… is seeking to work closely with ASIC to urgently address the concerns raised in relation to the humm BNPL target market determination.”