#fintech sandbox

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Australia: Draft legislation for testing fintech products without licence

- By Nuadox Crew -

The Australian government published draft legislation for testing fintech products without licence. The draft legislation and regulations indicates that eligible Australian fintech businesses will be able to test products and services with up to 100 customers for a maximum period of 24 months.

The Australian government has published draft legislation and regulations that will enable fintech businesses to test certain products and services for a limited period of time with retail and wholesale clients without having to obtain a financial services or credit licence.

The purpose of the Australian Financial Services Licence and the Australian Credit Licence exemption regulations is to "create a 'regulatory sandbox' to encourage and support the design and delivery of new financial and credit services that will benefit consumers and businesses", the government said in its exposure draft explanatory statement [PDF].

"The regulatory sandbox will help overcome regulatory burden and cost that may hinder businesses in developing innovative offerings," it added.

Source: ZDNet

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