Like this approach best, creates lot of innovation and when you see you have something that works you go for a full license. Only question is whether that slows down momentum for a start-up, will see?
15 December 2016 | 3815 views | 0Australia's securities watchdog has released a number of waivers that will enable eligible fintechs to test services without the need to hold an Australian Financial Service licence or to make individual applications to the regulator. Under the scheme, fintechs will be able to test their service for up to 12 months with up to 100 retail clients on the condition that they meet a number of consumer protection standards and notify the regulator before commencing. The Australian Securities and Investment Commission (ASIC) claims that its sandbox initiative is the first such scheme from a major jurisdiction and it hopes it will encourage more innovation in its banking sector.
https://www.finextra.com/newsarticle/29904/asic-launches-licence-exemption-scheme-for-fintechs
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