The burgeoning Australian fintech ecosystem is poised to become a desirable option for fintech companies wanting to establish a presence in Asia. There are now more than 800 diverse and complex fintech companies operating in this multifaceted sector across Australia. These businesses play an essential role in revolutionising how users engage with financial services, and ultimately they deliver better outcomes for all participants.
How we can help
Our cross-practice Fintech team understands the challenges clients face in this sector. Internationally recognised as leading lawyers in their field, our team advises on all facets of fintech law affecting both new and established participants. Our diverse clients include dedicated fintech companies as well as established organisations developing their fintech services. These include:
- new and established fintech companies (neobanks, blockchain businesses, cryptocurrencies and digital assets, lending and payment platforms, wealthtech, regtech, insurtech and crowdfunding companies)
- banks and non-bank lenders
- fund managers (including superannuation and investment funds)
- insurers, underwriters and brokers
Deep industry engagement and regulatory knowledge
We play an active role in the industry as committee and board members of peak bodies and participate in legislative reform sub-committees submissions to stakeholders, industry bodies and government. We remain at the forefront of developments in the financial services sector through our partnerships, sponsorships, directorships and regulator engagement. The nature of our work means we regularly liaise with the key financial services regulators including Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, AUSTRAC and the Australian Taxation Office on behalf of our clients.
We participate in several Financial Services Council working groups. Partner John Bassilios is deeply involved with Blockchain Australia, of which he currently serves as a Director. John is also a Director of FIBREE, the Foundation for International Blockchain Real Estate Expertise and a Course Mentor for the RMIT Blockchain Strategy Course. We support and partner with Stone & Chalk to run a variety of programs including ‘Insurtech’, blockchain training and information sessions and seminars on intellectual property protection and commercialisation.
We have also developed our own dedicated startup accelerator program which includes fintechs. We work with startups to provide practical legal advice and assist them to build their networks and to gain other business skills like presentation, technology and business development skills. In 2019, we launched a 12-month legal accelerator program as part of Frank in which 12 carefully selected startups were invited to join the program. As part of this program, we work with some of our established clients to make strategic introductions and run masterclasses.
We have launched Frank nationally through our connections with startup hubs, incubators and accelerators. The launch was also coordinated with the commencement of our corporate partnership with Stone & Chalk.
Our firm is a recommended law firm for banking and finance, superannuation and financial services by the Asia Pacific Legal 500 guide. Members of our team are also individually recognised in the Chambers and Partners directory, the Doyle’s Guide to the Australian Legal Profession and the Best Lawyers in Australia.
We advise on:
- regulatory and licensing (AFSL, ADI, ACL, RSE, and APRA and AUSTRAC registration)
- fund establishment
- anti-money laundering
- joint venture and shareholder arrangements
- a range of different agreements including service agreements and customer agreements
- new products and related advice like product disclosures and customer agreements
- IP / IT (such as agreements covering credit card issuing, merchant acquiring, transaction processing, payment gateway services and IT systems)
- preparation of lending and security documents;
- cyber security
- competition law matters
- tax advice and structuring
- blockchain related advice related to token offerings, establishing cryptocurrency exchanges and cryptocurrency funds
Fintech| 25 Oct 2021
First step forward for tax and crypto: Final Report from the Select Committee on Australia as a Technology and Financial Centre
The recommendations of the Final Report from the Select Committee on Australia as a Technology and Financial Centre attempt to address a number of cryptocurrency- and blockchain-related taxation issues that have been on the Commissioner of Taxation's radar for the better part of the last decade.
Fintech| 20 May 2021
Blockchain, data rights, corporate tax, capital raising and skilled visas: Senate Select Committee’s second interim report
Blockchain, consumer data rights, corporate taxation, capital raising and skilled visas are front and centre of the 23 recommendations of the Senate Select Committee on FinTech and RegTech, in its Second Interim Report.