Fintech Australia has released a new tool for early-stage fintechs and global fintechs expanding into the country.
The guidance offers clear terms on financial services licensing in Australia and which government bodies are responsible for managing them.
Created in partnership with law firm K&L Gates and Austrade, the regulatory map aims to ease overseas companies’ expansions into Australia and assist early-stage businesses in understanding the regulatory regime.
For each specific license, the map details application requirements, the government agencies that need to be engaged and ongoing considerations for holding that license.
“Companies expanding or entering the market in Australia bring with them talent and funding into our ecosystem, which benefits all fintechs. Australia’s regulation is robust and it can be a point of confusion for emerging fintechs and international fintechs. But it can create a barrier for entry for overseas fintechs. This map helps address this challenge.” Fintech Australia CEO Rebecca Schot-Guppy said.
“We’ve gone to great lengths to ensure this map is comprehensive, covering all special interest areas of the fintech industry. We’ve also detailed the interplay between various agencies on certain policy points.”
K&L Gates Partner Daniel Knight added to this with, “Australia is an attractive destination for fintechs, thanks to a predictable and stable legal system. We are pleased to bring simplicity and clarity to the regulatory landscape to help fintechs from across the globe explore Australian expansion.”
Austrade Assistant General Manager Andrew Barnes said, “Investment into the Australian fintech ecosystem is an important driver of growth for the sector. This tool makes it easier for international fintechs exploring the market to learn about our regulatory system. We’re proud to support this practical initiative led by Fintech Australia.”
Recently, Fintech Australia launched a guidance document for the fintech industry on parental leave entitlements, aiming to set a universal benchmark for the sector.