Eligibility for assistance

Before requesting assistance through the Innovation Hub, please review the eligibility criteria to see if your business is a match. You will also need to consider the timing of your request as we will require some key information on your business model in order to provide valuable assistance.

We welcome requests through the Innovation Hub and the criteria below to guide us on whether a business is eligible for informal assistance.

At the very base level, your business must be a fintech business (ie a technology company developing financial products or services) to receive support, and one of the scenarios below should apply to you:

  • your business has not commenced operation under a licence from ASIC
  • your business is in the process of obtaining a licence from ASIC
  • your business has been operating with a licence from ASIC for less than 12 months.

In addition to this you need to address the following key criteria:

Innovation that is potentially ground-breaking

We are more likely to provide assistance to truly innovative businesses and consider a ground-breaking innovation to be one which is a new or significantly different product or service from those currently available.

Innovation that provides a better outcome for investors and consumers

Whether an innovative fintech product or service can potentially provide a better outcome for investors and consumers is a key factor that we will consider.

Timing

The timing of your request within your business planning process is important as the level of detail that you can supply will greatly affect the quality of the advice that we can provide. When applying for assistance you need to be able to describe:

  • what your business will be and the stage your innovation is at
  • who your customers are
  • the services you’ll be providing and how
  • how payment for the service you are offering will be managed
  • other businesses you will work with
  • the type of help you need from ASIC.

Checklist

  1. Are you a fintech startup?
  2. Does one of the specified licensing scenarios apply to your business?
  3. Can you describe in reasonable detail how your business works and who your customers are?
  4. Is your innovation potentially ground breaking?
  5. Will your innovation provide a better outcome for investors and consumers?

Related links

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News

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ASIC releases tender for Natural Language Processing Trials 

23 February 2018

ASIC has released a tender for Natural Language Processing Trials via AusTender - ATM ID ASIC CPX65. 

The tender is for provision of pilots of Natural Language Processing technologies, including approaches to common supervisory scenarios encountered by ASIC with a view to providing natural language processing technologies solutions.   

For more details, please go to AusTender and download the tender documents. You can search the tender by either the ATM ID or Keyword. 

Find out more information about the tender 

The tender will be closed at 9:00 am, 19 March 2018. 

If you have any questions in relation to this Tender, please email Tenders@asic.gov.au.

More news

Events

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ASIC's Regtech Liaison Forum

The Forum meeting will include regulator updates from APRA and AUSTRAC, an industry item led by The RegTech Association and an outline of proposed trials of technology that ASIC is considering to assist its supervisory work.

5 March 2018 2.00pm - 4.00pm AEDT

Register now


Regtech in the Bag

Innovation Hub Coordinator Mark Adams (SYD) and Senior Advisor, Cuihua Cartwright (MEL) will join a range of experienced industry practitioners to provide perspectives on why regtech is so important, what problems it solves, who is in the eco-system and what the key opportunities are.

Sydney 13 February 2018

Melbourne 6 March 2018

Register now

Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Last updated: 03/04/2017 11:48