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Last week Australia’s financial regulators were told by the federal government to prepare for a new system to regulate financial technology start-ups. The proposed new rules aim to refocus entrepreneurial energy, capital and resources away from navigating complex financial services regulation to innovation and business operations. Yesterday ASIC unveiled two long awaited guidances on peer-to-peer lending and robo-advice which paralleled the Government’s release of a 35 page report titled ‘Backing Australian FinTech’.
This announcement followed a meeting last week between government representatives and newly formed fintech advisory council, the Fintech advisory group, where the plight of fintech start-ups – who ... (read more)