The decision was made due to the fact that Australia is the third largest lending marketplace for small businesses after the United States and UK
Australian Government welcomes the announcement by the Australian Securities and Investments Commission (ASIC) that its FinTech regulatory sandbox is open for business. The regulatory sandbox will enable eligible FinTech businesses to test innovative financial services without facing the costs of regulatory licensing and will reduce the time to get their services to market.
The Turnbull Government is committed to ensuring Australia is a globally competitive marketplace, with a fully functioning financial market, that can attract and retain FinTech investment. A technologically advanced financial services sector plays a critical role in allowing businesses and individuals to raise capital and invest.
All eligible businesses will be able to test a range of financial or credit services with up to 100 retail clients and unlimited wholesale clients for up to twelve months without the need to apply for an Australian Financial Services Licence or Australian Credit Licence and without seeking approval from ASIC.