ASIC

Jul
19

Fintech’s double-edged sword

Ultra-low interest rates and fintech were two of the major threats to the stability of the financial system identified by the global regulator in its recent annual economic report. “Sustainable profitability is especially important at the current juncture: banks have been facing the dual challenge of persistently and unusually low interest rates eating away at […]

By Reposted by Australian FinTech | Banking . FinTech
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Jun
15

Fintechs tell Labor a credit report delay will entrench bank power

Labor’s push to delay a law requiring the major banks to put more customer data into credit reports will entrench the big four’s market dominance and keep the cost of personal loans unnecessarily high, five of the nation’s leading marketplace lenders have said. In a letter to shadow treasurer Chris Bowen, the CEOs of SocietyOne, […]

By Reposted by Australian FinTech | Borrowing . FinTech . Lending
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May
28

Australia toughens stance against misleading ICOs

The rapid, perhaps unprecedented rise of cryptocurrencies and financial blockchain innovations continue to be a divisive subject for policy makers in the financial sectors of countries all over the world. Central banks and financial regulators are scrambling to adapt to the new realities this decentralized and sophisticated new interpretation of currency as a medium of […]

By Reposted by Australian FinTech | Currency . FinTech . Investing
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May
18

Anger grows over crowdfund farce

Anger is growing over “farcical” delays to passing the equity crowdfunding bill that would extend the regime to private Australian companies, with the scheme now unlikely to come into effect until the end of the year. There are also concerns that cuts to corporate regulator ASIC will further slow the implementation of the scheme, which […]

By Reposted by Australian FinTech | FinTech . Investing
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May
15

Three disruptive forces driving Aussie neobanks like volt, as fintech startups get serious

There are hundreds of fintechs offering financial services, from budgeting tools to financial advice to loans, but it wasn’t until last week that a start-up was authorised in Australia to offer the product sitting at the heart of banking – deposits. In a significant milestone for the local fintech scene, the Australian Prudential Regulation Authority […]

By Reposted by Australian FinTech | Banking . FinTech
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May
15

Labor warns ASIC cuts threaten Australian fintech sector

Spokesman for the Digital Economy, Ed Husic, has slammed the Coalition’s budget cuts to the Australian Securities and Investments Commission, saying it would hamper the regulator’s ability to keep on top of technology-led disruption occurring in the financial services sector. Mr Husic told The Australian Financial Review it would also likely slowdown the process of […]

By Reposted by Australian FinTech | FinTech
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May
02

ASIC announces action on misleading or deceptive conduct in ICOs

ASIC has already taken action against suspicious ICOs. ASIC chairman John Price recently warned that Australian consumer law would apply to ICOs, even if they were extended from overseas. On 1 May ASIC announced that this would start taking the form of a crackdown on deceptive or misleading conduct by ICOs, which is prohibited under […]

By Reposted by Australian FinTech | FinTech . Investing
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May
01

ASIC, AUSTRAC and banks urged to engage with regtech start-ups amid controversy

A batch of start-ups will engage with banks and regulators about creating a “compliance-by-design” culture in financial services later this week at an inaugural RegTech Association event and are hoping conversation will soon turn to action. The expected release on Tuesday morning by the Australian Prudential Regulation Authority of a report into governance problems at […]

By Reposted by Australian FinTech | Banking . FinTech
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