Australia’s Proposed Approach to Fintech Regulatory Relief

Australia’s fintech advisory group, co-led by the country’s treasurer, suggested that Australian regulators adopt a “regulatory sandbox” approach to fintech regulation, similar to that of the U.K. Financial Conduct Authority’s (FCA) Project Innovate. The group’s goal is to give fintech startups the ability to develop and test new products and services in a controlled environment without having to bear the burdens of regulatory compliance. Fintech Australia, which is advising the government on the matter, said a regulatory sandbox would help “provide a balance between . . . existing regulatory policy and . . . the agility required [by a startup] to move quickly through the proof-of-concept stage.”

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