Australia's easier rules for fintech startups are out

Australia’s easier rules for fintech startups are out

Staff of Australian fintech startup Tapview, coding late into the night. (Image: Supplied) Draft legislation and regulations, foreshadowed in the May federal budget, to support innovation in financial services and fintech startups have been released. The fintech regulatory sandbox will allow a broader scope of activities to be tested without the need to meet all existing licensing requirements of ASIC (Australian Securities and Investments Commission). The new rules are designed to strike a better balance between encouraging competition and innovation that delivers choice for consumers, while minimising risks to them as well as the integrity of the financial system. […]