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Fintech hub welcomes ASIC support

By Tim Stewart
2 minute read

New fintech hub Stone & Chalk has backed ASIC chairman Greg Medcraft’s strong show of support for the burgeoning sector in Australia.

Mr Medcraft outlined the regulator’s plans to work closely with the fintech sector at Australian Financial Review’s Banking and Wealth Summit in Sydney last week.

The ASIC boss pledged to work closely with new Sydney-based fintech hub Stone & Chalk and establish a 'digital finance advisory committee'.

Mr Medcraft also promised to streamline ASIC’s approach to facilitating business in the fintech sector, including a simpler common application process for issues like applying for licences.

Stone & Chalk chief executive Alex Scandurra welcomed Mr Medcraft’s pledge to the sector.

“It is excellent news that ASIC is being so positive towards making life easier for the fintech sector,” he said.

“Start-ups clearly are not experienced in navigating the regulatory system and often find dealing with government legislation and regulatory policy challenging and time-consuming.

“It is heartening to know that the corporate regulator recognises that, and intends to put together an advisory grouping, which will be able to assist in making compliance with regulation easier and more straightforward for start-ups.

“It is also gratifying that Mr Medcraft has acknowledged the role of Stone & Chalk, which we believe offers a unique platform to high potential entrepreneurs and their businesses, as well as to early stage investors and other organisations wanting to innovate, collaborate and co-create alongside some of the best entrepreneurs across the region.

“It is so important for Australia that everyone does their bit to help the fintech sector here thrive. As the country comes off the resources boom, fostering innovation and entrepreneurship will be crucial to the country’s future.

“We wholeheartedly agree with Mr Medcraft that digital disruption in the financial services sector provides real opportunity,” he said.