Country _ Name
Asset and portfolio management
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.

Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.


Attitude of the country towards modern asset and portfolio management services

The financial services sector in Australia is the most significant contributor to the national economy. The Australian asset and portfolio management market has predominantly focused on primary banking accounts, payments, investment management, capital markets and insurance.

FinTech innovators are implementing new approaches to financial services. This includes the introduction of crowdfunding, mobile payments, digital currencies, peer-to-peer lenders as well as robo-advisers to improve customer experience and offer more competition. 

Legal affairs

Obligations and requirements to provide asset and portfolio management, or ancillary services described above

Asset and portfolio management services are regulated by the Australian Securities and Investments Commission (ASIC). As an independent Australian Government body, ASIC was established under the Australian Securities and Investments Commission Act 2001 (ASIC Act). ASIC is a founding member of the Global Financial Innovation network (GFIN) and assists foreign financial technology companies to provide services within Australia. This is achieved through ASIC’s Innovation Hub: an initiative run by ASIC focused on supporting Start-ups and Scale-ups entering the Australian financial services market. ASIC implements its initiatives by consulting businesses on regulations, policies and any issues that may arise. This can include issues relating to obtaining an AFSL licence or Australian credit licence, a necessary and mandatory requirement. 

It is mandatory for a business to have an AFSL to operate a financial services business in Australia. This requirement is governed under the Corporations Act 2001 (Cth) (CA) and includes any business that makes recommendations or statements about financial products and deals in financial products.

The AFSL application is assessed by ASIC. The costs involved in lodging an AFSL application will be dependent on the size of the business, the type of work (wholesale or retail) and the complexity level. The cost can range from $1,488 to $11,305. ASIC recommends applications be made using their eLicensing system, enabling businesses to tailor their applications individually. In granting an AFSL, ASIC will consider the following: whether the business has the competence to carry out the activities of the financial services business; whether there are sufficient financial resources to support the business proposal; and if all other obligations of an AFS licensee can be met, such as compliance and insurance. 

However, a business may be exempt from the requirement to obtain an AFSL. For example, ASIC’s innovation-led approach to asset and portfolio management services has allowed the Australian government to introduce the Enhanced Regulatory Sandbox (



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