Australia blocks Humm BNPL production

Budrigannews.com – The Australian fintech company Humm Group reported on Friday that the country’s corporate regulator issued an interim stop order to its unit, prohibiting it from offering buy-now-pay-later products to new customers.

The break stop request connects with Australian Protections and Ventures Commission’s (ASIC) concerns in regards to the objective market assurance for the organization’s purchase presently pay-later items, Humm said in a proclamation.

The business asserted that it is in compliance with the terms of the order and that it is able to continue providing services to existing clients to whom the product has already been delivered.

Humm is Australia’s third-biggest BNPL supplier with around 14% portion of the overall industry, as indicated by IBIS World.

The company stated, “Hummgroup is seeking to work closely with ASIC to urgently address the concerns raised in relation to the determination of the humm BNPL target market.”

A request for comment was not immediately responded to by ASIC.