Informal assistance for fintechs and regtechs
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ASIC seeks to support responsible innovation through engaging with and providing informal assistance to eligible fintech and regtech companies. This can include guidance on:
- Your obligations under the financial services regulatory framework (if applicable)
- How we administer this framework (e.g. how to obtain an Australian financial services licence)
- Potential regulatory issues that should be considered as you set up your business
- Referrals to international agencies or other business teams within ASIC where appropriate
ASIC will review all informal assistance requests through the Innovation Hub with the aim of helping as many businesses as possible. The more developed your business model is, the more specific we can be on any guidance we provide.
Please note: ASIC does not provide legal advice or financial assistance and we do not offer endorsement for any fintech or regtech businesses we assist.
Eligibility for informal assistance
Find out whether your business is eligible for informal assistance.
Fintechs
- A startup, scaleup or established business that is developing, facilitating or providing innovative fintech products or services that can potentially promote a better outcome for investors, financial consumers and markets and:
- requires an Australian financial services licence or an Australian credit licence from ASIC
- is in the process of obtaining one of those licences, or
- has held either licence type for less than 12 months.
Regtechs
- A startup, scaleup or established business that is developing or providing innovative regtech products or services that can potentially promote a better outcome for investors, financial consumers and markets.
- Ability to demonstrate:
- the extent to which a regtech product or service will align with and promote ASIC's regulatory objectives through improved risk management or compliance
- the extent to which regtech tools and systems promote the efficient and effective sharing of information with ASIC.
When reviewing requests, the Innovation Hub will give preference to innovative business models. ASIC considers ‘innovative’ to be new or significantly different products or services from those currently available.
Whether your product or service can potentially provide a ‘better outcome’ for users is a factor we will also consider.
Other factors that will help determine whether your business is selected for assistance include:
- the timing of your request within your business-planning process, and
- the level of detail you supply in your application.
Both considerations will affect the quality of assistance that ASIC can provide.
Application process
The application process consists of the following steps:
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Step 1: Your submission |
Submit your Innovation Hub assistance request form |
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Step 2: ASIC's assessment |
We assess your request against the eligibility criteria and will provide a response in about one week |
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Step 3: ASIC's response |
ASIC's response may include one or more of the following:
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Step 4: Consider next steps |
Once you have considered any assistance or guidance from ASIC, you will need to work out how you will comply with any laws that apply to you. Your next step may include:
If you’re a fintech, you may also need to consider:
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Applying for informal assistance
When filling in your application for assistance form please describe:
- what your business will be/is and the stage your innovation is at
- who your customers are
- products/services you’ll be providing and how
- other businesses you will work with
- the type of help you need from ASIC.
Use the checklist below to confirm your eligibility prior to submitting an application.
Fintech assistance checklist
- Is your startup or scaleup developing financial products or services?
- Does one of the specified licensing scenarios apply to your business?
- Can you describe how your business works and who your customers are?
- Is your innovation potentially ground-breaking?
- Will your innovation provide a better outcome for investors and consumers?
International referrals
ASIC has signed international cooperation agreements with some of its financial regulatory counterparts that are designed to break down barriers to market entry.
If you’re eligible, we can formally refer your fintech business. This could help you meet the right people, set up important first meetings, and receive informal assistance in different regulatory environments. For more information, see International engagement.
Contact us
If you have any questions, please contact innovationhub@asic.gov.au for further assistance.
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