Interim stop order for Humm's BNPL products revoked (updated)

Humm

29/05/2023 24:11

(Adds details on the stop order in paragraphs 3-5)
       May 29 (Reuters) - Australian fintech company Humm Group
 HUM.AX  said on Monday an interim stop order issued by the
country's corporate regulator restricting it from issuing
buy-now-pay-later (BNPL) products to new customers had been
revoked.
    The interim stop order issued last week against Humm's unit
was related to the Australian Securities and Investments
Commission's (ASIC) concerns regarding the target market
determination for its BNPL products.
    Target market determination rules require issuers of BNPL
products to consider whether a product aligns with the financial
objectives, circumstances and needs of consumers.
    "Hummgroup has addressed ASIC's concerns regarding the
target market determination for the humm Buy Now Pay Later
product," the company said in statement.
    The company's BNPL product is again available to new
customers following the revocation, it added.
    

 (Reporting by Himanshi Akhand in Bengaluru; editing by Deepa
Babington and Sonali Paul)
 ((Himanshi.Akhand@thomsonreuters.com))