Business Briefing: ASIC tries to prevent fintech startups from becoming scammers

ASIC hopes it will lure fintech startups from Australia and Singapore to its innovation program. www.shutterstock.comThe Australian Securities and Investments Commission (ASIC) is working with its regulatory counterpart, the Monetary Authority of Singapore (MAS), to attract financial technology (fintech) startups by offering them a deal. ASIC and MAS will offer fintech startups from both countries a chance to be a part of a “sandbox.” This is a safe space where the regulators waive some of the usual harsh penalties for mistakes, in exchange for learning more about what regulations are needed to keep up with this fast developing area of the digital economy. This deal comes as questions are raised about the security of the using technology like the Blockchain in finance, which is yet to fall under international standards. The risks are clear but will ASIC’s collaboration bring rewards?

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