ASIC

Oct
18

ASIC tightening regulation on ICOs is a positive move for the industry

ASIC recently announced that it has shut down several Initial Coin Offerings (ICOs) for misleading or deceptive statements in their marketing and operation of unlicensed managed investment schemes. This once again casts the spotlight on the unregulated nature of the Cryptocurrency industry and the need for investor protection. Cryptocurrencies and, by association with the larger category of […]

By Reposted by Australian FinTech | Currency . FinTech . Investing
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Oct
15

Afterpay, Zip await ASIC critique of buy now pay later

An in-depth investigation into the often controversial buy now pay later industry by the corporate regulator that will assess whether new laws are needed to protect consumers will be made public in December, as new criticism is levelled at the model of local giant Afterpay Touch Group. Sources told AFR Weekend the Australian Securities and […]

By Reposted by Australian FinTech | Borrowing . FinTech . Lending . Payments
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Oct
05

Luxembourg and Australia agree fintech pact

The Luxembourg Commission de Surveillance du Secteur Financier (‘CSSF’) and The Australian Securities and Investments Commission (‘ASIC’) today signed a Cooperation Agreement which provides a framework for cooperation to understand financial innovation in each jurisdiction. The Agreement provides a framework for information sharing between the two regulators on financial technology (fintech) and regulatory technology (regtech). […]

By Reposted by Australian FinTech | FinTech
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Sep
21

How is fintech regulated and have we got it right?

One of the big questions yet to be answered when it comes to fintech is: how do we effectively regulate the industry? Normally, banks, credit unions or any other company that lends money comes under Responsible Lending regulations, and any institution that accept deposits need to be on the government’s list of Authorised Deposit-taking Institutions […]

By Reposted by Australian FinTech | FinTech
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Sep
19

ASIC warns all fintech business lenders over contracts

The corporate regulator wants all online business lenders to remove unfair terms from their contracts just like Prospa has done, indicating start-ups that want to compete against banks will be held to similar regulatory standards as community expectations lift following the royal commission. In a letter sent last week to Brad Kitschke, CEO of industry […]

By Reposted by Australian FinTech | Borrowing . FinTech . Lending
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Sep
17

ASX gears up for fintech era as data foundation for financial services industry

The Australian Securities Exchange will push ahead with attempts to establish itself as a global technology pioneer, despite criticism of its governance, with its operations boss pledging to balance risk with the flexibility required to thrive in the fintech era of blockchain and artificial intelligence. Speaking to The Australian Financial Review following the release of […]

By Reposted by Australian FinTech | ASX . FinTech
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Sep
12

Australian financial regulator to focus on ICOs and cryptocurrency exchanges

In its 2018-22 corporate plan report, the Australian Securities & Investments Commission (ASIC) revealed it would be focusing on cryptocurrencies with an emphasis on ICOs and exchanges. The Australian Securities and Investments Commission (ASIC) published a report this week that details its plans to tightly scrutinize the crypto industry in the country. The areas of […]

By Reposted by Australian FinTech | Currency . FinTech . Investing
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Sep
10

Prospa becomes first online small business lender to complete review of loan terms with ASIC

Prospa is the first online small business lender to have undertaken a full review of its loan terms after consultation with ASIC. Prospa has agreed to certain recommendations from ASIC in relation to removing or amending some of its contract terms. Some of these terms have, historically, not been relied upon, and other terms were […]

By Australian FinTech | Borrowing . FinTech . Lending
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