ASIC releases licensing exemption for FinTech startups

The Australian Securities and Investments Commission (ASIC) on Thursday released its regulatory sandbox policy that will allow fintech businesses to test certain products or services for a limited period of time without having to hold an Australian financial services or credit licence. Eligible businesses will be able to commence testing without a licence for a maximum period of 12 months with up to 100 retail customers provided they also meet certain consumer protection conditions and notify ASIC before they commence testing. The business must also have total customer exposure that doesn’t exceed $3.7m. Read more: