ASIC

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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Aug
28

Cryptocurrency regulation in Australia: Pains and Gains

We start this analysis with an unusual positive: cryptocurrency regulation in Australia is moving in the right direction, and the latest legislative developments regarding cryptocurrencies should be welcomed by the general public as a step in the right direction. Offering protection to crypto consumers and investors, and providing legal certainty to blockchain-related businesses – without […]

By Reposted by Australian FinTech | Bitcoin . FinTech
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Aug
14

After CBA scandal, Australia’s regtech sector is ready for take-off

The local regtech scene is ready for take-off. There were two indications last week that regulatory technology’s engines are revving up. One was the corporate regulator securing an extra $6 million in funding from the federal government to market Australia as a global centre of regtech excellence. The Australian Securities and Investments Commission chairman James […]

By Reposted by Australian FinTech | ASX . Blockchain . Investing
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Aug
09

ASIC wants stake in global regtech sandbox

Australia’s financial regulator has joined 11 other watchdogs from around the world in proposing a new Global Financial Innovation Network (GIFN) to help regulators cope with the rapid rate of technological change in the sector. The Australian Securities and Investments Commission (ASIC) says the new collaborative body would create a “global sandbox” for regtech, fintech […]

By Reposted by Australian FinTech | FinTech
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Jul
24

New legislation could net Afterpay, but nothing can spoil the party

As Afterpay’s share price rose 37.8 per cent over the past few three trading days on positive US expansion figures, the Treasury Department on Friday quietly released draft legislation that could bring the Australian operations of the soaring no-interest lender under the regulation of ASIC. Strangely though, the only group that appears to have noticed […]

By Reposted by Australian FinTech | Borrowing . FinTech . Lending
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