ASIC set sights on growing fintech sector
The Australian Securities and Investments Commission is setting up a Digital Finance Advisory Committee manned by members of the fintech community, as the corporate regulator ramps up its attention on the technology sector and cyber risk.ASIC chairman Greg Medcraft said the regulator wanted to make it easier for start-ups and fintech businesses to navigate the regulatory system, one of which was through its “innovation hub” that was revealed last month. Source: ASIC set sights on growing fintech sector
Fintech split on lower regulatory hurdles
Challengers to the banks and global payment giants disagree on whether there should be an easing of regulations for finance start-ups, a major recommendation of the Murray inquiry.Peer-to-peer lender RateSetter Australia argues current regulations are adequate and flexible enough. It said “graduated” regulation applied based on the company’s risk to the financial system suggested by the Murray financial system inquiry could threaten confidence in the emerging loan business models – particularly those lending to the public.”It is important that regulations for P2P lending are not weakened in any way and that consistency of regulation is critical for the P2P lending industry to prosper,” it said in its submission to the […]
