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.
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.
- Are you a fintech startup?
- Does one of the specified licensing scenarios apply to your business?
- Can you describe in reasonable detail 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?