In a recent speech, Australian Securities and Investments Commission Chairman Greg Medcraft released information on FinTech businesses which have taken advantage of the Innovation Hub established by ASIC in April earlier this year. Robo-advisers and marketplace lenders were the most prevalent types of businesses to approach the Innovation Hub. The 109 different businesses that the Innovation Hub engaged with this year included:
- 25 robo-advisers
- 22 marketplace lenders
- 17 payments businesses
- 11 credit providers
- 9 crowdsourced equity providers
ASIC has also noted that those who received assistance from the Innovation Hub before applying for an Australian financial services licence were approved on average 95 days or 45% faster than those who hadn’t.