Fintech Australia has released a tool for early-stage Fintechs and international financial tech platforms expanding into Australia, providing guidance on financial services licensing in Australia and “which government bodies are responsible for managing them.”
Created with assistance from law firm K&L Gates and Austrade, the regulatory map is “a global first and aims to greatly ease overseas companies’ expansions into Australia and assist early-stage businesses in understanding the regulatory regime.”
The announcement also mentioned that 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, ” stated FinTech Australia CEO Rebecca Schot-Guppy.
She added that they’ve gone “to great lengths to ensure this map is comprehensive, covering all special interest areas of the fintech industry.” She further noted that they’ve also “detailed the interplay between various agencies on certain policy points.”
K&L Gates Partner Daniel Knight remarked:
“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 GM 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.”
The regulation map is currently available for free on FinTech Australia’s official website, “building on the number of resources FinTech Australia is providing to the broader fintech community.”
Recently, FinTech Australia released a guidance document for the Fintech sector “on parental leave entitlements, aiming to set a universal benchmark for the sector.”
As previously reported, Fintech Australia is a national association “for the Australian FinTech Startup community.” Their vision is to “make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.”