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King & Wood Mallesons ignored Sargon liquidators’ demand for $540,000, court told
Restructuring & Insolvency 2023-05-30 10:53 pm By Sam Matthews

A lawsuit by the liquidators of Sargon Capital alleges law firm King & Wood Mallesons “refused or neglected” a demand to return over $540,000 in alleged unfair preference payments and should have known the fintech was insolvent when the payments were made.

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ASIC lifts stop order on Humm’s buy now, pay later products
Financial Services 2023-05-29 11:07 pm By Gareth Baker

The Australian Securities and Investments Commission has revoked an interim stop order against Aussie fintech Humm Group, which had been preventing the company from selling its buy now, pay later product to new customers.  Humm revealed the news in an announcement on Monday, only days after the order was issued out of concerns around the…

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ASIC hits pause on Humm’s buy now, pay later products
Fintech 2023-05-26 3:07 pm By Gareth Baker

The Australian Securities and Investments Commission has hit fintech Humm Group with an interim stop order barring it from issuing buy now, pay later products to new customers.

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EML takes aim at shareholder class action over AML/CTF disclosures
Class Actions 2023-05-23 10:13 pm By Cindy Cameronne

Payments processing company EML has hit back at a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns about its anti-money laundering and counter terrorism financing compliance, claiming swathes of the case are liable to be struck out.

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‘Looks like credit, acts like credit’: Government flags reforms to buy now, pay later industry
Fintech 2023-05-22 2:32 pm By Sam Matthews

Buy now, pay later services will soon be regulated as credit products under proposed changes to the law flagged by the federal government amid concerns about financial risks the service poses to consumers.

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Block’s mobile payment method not patentable, says IP Australia
Fintech 2023-05-16 12:14 pm By Sam Matthews

IP Australia has rejected an application by US technology company Block to patent a mobile payment method, saying it does not describe a manner of manufacture — the threshold requirement tripping up many claimed computer-implemented inventions.

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