Aussies Reveal Sandbox Plans
Australian officials issued a review of its regulatory sandbox system for budding financial technology firms.
Australia's financial regulator proposes to retain class waivers known as the «fintech licensing exemption» in its regulatory sandbox which was initiated last December. The waivers allow eligible fintech firms to test certain specified services without holding an Australian financial services or credit license.
The overseer's current fintech licensing exemption allows eligible businesses to test specified services for up to 12 months, with up to 100 retail clients. To do so, they must meet certain consumer protection conditions and notify the regulator before they commence business.
A Lighter Touch
Of the four businesses to already make use of the exemption, one is acting as an intermediary to provide credit assistance; another did so to test its financial services. The remaining two are currently testing advisory and dealing services in deposit products.
In Asia, financial regulators are trying to wield a more tolerant touch for emerging financial technology. The Hong Kong Monetary Authority launched a new feature for its fintech sandbox: the supervisory chatroom.
In Malaysia, the country's central bank approved a second group of fintech firms, following an earlier batch of approvals in May.
