The world of regulation, especially in the financial services sector can be very daunting. At Joust we have a philosophy that nothing is more important than compliance therefore we will not take any shortcuts. In 2015, when we were trying to come to terms with our compliance obligations and the rigour involved with obtaining an Australian Credit Licence, we reached out to the ASIC Innovation Hub and they could not have been more helpful and supportive.
Very strong governance of the Australian financial services industry has served us well through many tough economic cycles, including the Global Financial Crisis. The benefits of this compliance culture can be seen every day and the greatest endorsement is the strength of our banking system, which is the envy of most other nations.
At Joust, our formal lender agreements were prepared by premium commercial law firm Laity Morrow. These agreements have now been extensively reviewed by a range of internal and external legal teams at eight financial institutions. Joust continues to build a strong and sustainable business model where the guidance and assistance offered by the ASIC Innovation Hub was not only instrumental in Joust securing our Australian Credit Licence but also helped us understand our obligations and the broader regulatory environment.
I have no hesitation in recommending the ASIC Innovation Hub to any other Australian Start-up, especially one participating in the fin-tech space,
Joust Managing Director, Mark Bevan