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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Crowd-sourced funding guidance

21 September 2017

We have released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding regime, which commences on 29 September 2017.

Read the media release

Response to feedback on REP 523

15 September 2017

We have released our response to industry feedback on ASIC's Innovation Hub and its approach to regulatory technology.

Read the media release

More news

Events

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ASIC's Regtech Showcase - Opening remarks
18 September 2017

by ASIC Chairman, Greg Medcraft.

'So what is ASIC’s role, and indeed the role for the regulator generally, in this fast moving environment?'

Read the full speech

About the event

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