On 20 November 2025, the Australian Securities and Investments Commission (ASIC) published a speech by ASIC Commissioner Kate O’Rourke.

The speech sets out how Australia’s payments ecosystem is undergoing profound, technology‑driven transformation, with consumers and merchants embracing fast, convenient, low‑cost digital payments. This uptake suggests to ASIC high levels of consumer trust in products, providers, and regulatory settings. Preserving that trust is essential to the sector’s long‑term success and is a key strategic priority for ASIC.

Against this backdrop, the Government’s payments licensing reforms are positioned as necessary and timely. They recognise that today’s payments value chain is more fragmented and dynamic than the traditional model. The reforms will apply a risk‑based approach, bringing varied participants under regulation that matches the risks their activities present to consumers and the wider system. This is intended to deliver a fair, competitive environment, maintain protections, and avoid unnecessary burdens that could stifle innovation.

ASIC frames regulation as an enabler of innovation. Clearer guidance, improved information on how the law applies, and a revamped Innovation Hub are designed to give firms greater certainty to invest and scale new solutions. This sits within a multi‑year simplification programme to make obligations easier to understand and meet, particularly important when legislation changes or new participants come within existing regimes.

For licensing, applicants must demonstrate organisational competence, adequate financial resources, accessible dispute resolution, appropriate insurance, and robust cyber resilience. Once licensed, providers must meet high conduct standards by delivering services efficiently, honestly and fairly.

To support transition, ASIC will issue guidance and improve processes through its updated Regulatory Portal, aiming for a smoother experience, especially for first‑time applicants