FinTech Australia has released a new tool for early-stage and global fintechs expanding into Australia that offers clear guidance on the country’s financial services licensing laws.
Created in partnership with 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.
For each specific license, the map details application requirements, the government agencies that need to be engaged and ongoing considerations for holding that license.
FinTech Australia CEO Rebecca Schot-Guppy said companies expanding into the market in Australia bring talent and funding into the local 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,” she said.
“We’ve gone to great lengths to ensure this map is comprehensive, covering all special interest areas of the fintech industry. We’ve also detailed the interplay between various agencies on certain policy points.”
K&L Gates Partner Daniel Knight said 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,” he said
Austrade Assistant General Manager 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,” he said.
The regulation map is available for free on the FinTech Australia website.
Fintech Australia also recently released an industry policy on best practice for parental leave entitlements. The policy says employers should offer 12-week paid parental leave at full pay, including superannuation, with partners entitled to two weeks parental leave at full pay.