We’ve heard a lot from ASIC about its willingness to facilitate fintech start-ups. Here’s some tips on how to approach ASIC for help.
What’s ASIC offering?
In addition to engaging with the fintech sector by hosting events at its offices and attending onsite events at fintech hubs like Tyro and Stone & Chalk, ASIC is offering innovative start-ups informal assistance throughout the early stages of their development. This will include:
Fintech start-ups who either haven’t yet sought an AFSL or ACL (or are in the process of applying), or who have had their licence for less than 12 months are eligible to approach the Innovation Hub for guidance.
Your innovation needs to be breaking new ground – it will need to offer a new or significantly different product or service from what is currently available. And it must potentially provide a better outcome for investors and consumers.
How do you access ASIC?
Complete the online form available here. You’ll need to provide a short description of your business to enable ASIC to understand your model and the nature of your innovation. You’ll also need to explain what help you need.
Maximising the opportunity
While it might be tempting for start-ups to use ASIC as their first port of call for information on the regulatory requirements, this could be wasting the opportunity. ASIC is making senior executives available to fintech businesses – regard it as a privilege and approach it accordingly.
Here are some dos and don’ts when accessing the Innovation Hub:
The Fold Legal are financial services specialists – highly regarded for our industry knowledge and for strategic, pragmatic advice that addresses clients’ commercial needs. Click here for more information about our capability and experience in working with fintech businesses.
If you have any concerns about any of these issues, please contact us.
Author: Claire Wivell Plater