ASIC has released a consultation paper on proposed regulatory sandbox licensing exemption to further facilitate fintech innovation. The proposal follows on from ASIC’s announcement last month to provide additional steps to assist early stage fintech startup companies navigate through regulatory framework.
Auswide Bank has entered into a partnership with peer-to-peer lending startup MoneyPlace that will see them take a 20 percent equity stake in the company and provide $60 million in funding over five years. This deal is the first time an Australian bank has invested directly into a homegrown fintech, highlighting the enormous growth of the sector over the last year.
Melbourne FinTech startup MoneyPlace has launched after becoming just the second peer-to-peer money lender to attain a full licence from ASIC. The startup, founded by former NAB executive Stuart Stoyan last year, will provide unsecured consumer loans from $5000 to $35,000, with rates starting at 8.9 percent. The rates are determined through risk-based pricing, with loans offered by wholesale and retail investors.
Stuart Stoyan is urging fintech startups in Melbourne to complete a non-invasive 17-question survey as part of a broader initiative aimed at establishing a collective voice and creating better support mechanisms for Melbourne’s fintech community. Information gathered from the survey will be used to propose support from government, both at local and state levels, as well as corporates.