Humm Resumes Business: BNPL Products Now Available as Interim Stop Order is Lifted!

Share This Post

Tech News Summary:

  • Australian fintech company Humm Group receives relief from regulatory body ASIC, allowing them to resume issuing buy now, pay later (BNPL) products to new customers.
  • ASIC had issued an interim stop order earlier this year, concerned about the potential risks associated with BNPL products, including high fees and charges that could lead to debt traps for vulnerable consumers.
  • The decision by ASIC to revoke the interim stop order is a positive development for Humm Group and the wider BNPL industry in Australia, as it shows a willingness to work with companies in the space while ensuring compliance with regulations and protection of consumers.

Sydney, Australia – After a month of being halted, Humm’s Buy Now, Pay Later (BNPL) services are back in business. The interim stop order imposed by the Australian Securities and Investments Commission (ASIC) has been lifted, allowing Humm to resume its operation of providing BNPL products to its customers.

The stop order was put into effect last month after ASIC raised concerns over the way Humm communicated its BNPL terms and conditions to its customers. ASIC said Humm failed to clarify the fees and charges associated with its BNPL products, which could potentially mislead consumers.

Following the pause on its services, Humm worked closely with ASIC to rectify the issues identified and ensure it complied with the regulatory requirements. This has allowed the interim stop order to be lifted and Humm to resume its BNPL services.

Humm CEO, Rebecca James, said the company is grateful to ASIC for their constructive feedback and guidance during this process. She noted that the company takes its regulatory obligations seriously and has worked hard to address the concerns raised by ASIC.

“We have taken immediate steps to address ASIC’s concerns to ensure our customers are fully informed about the fees and charges associated with our BNPL products. We are committed to providing transparent and fair financial services to our customers, and we are delighted to be back in business,” said Ms. James.

The lifting of the interim stop order comes as a relief to Humm’s customers, who have been unable to use the company’s BNPL services for a month. According to Humm, all existing customers who were affected by the stop order will be able to resume using Humm’s services immediately.

Humm’s BNPL products allow customers to make purchases and split the cost into smaller, interest-free payments over an agreed period. With the lifting of the interim stop order, Humm can continue to provide this service to its customers in Australia.

Read More:

Partnership Between Mitsubishi Electric and Nozomi Networks Strengthens Operational Technology Security Business

Mitsubishi Electric and Nozomi Networks Partnership Mitsubishi Electric and Nozomi...

Solidion Technology Inc. Completes $3.85 Million Private Placement Transaction

**Summary:** 1. Solidion TechnologyInc. has announced a private placement deal...

Analyzing the Effects of the EU’s AI Act on Tech Companies in the UK

Breaking Down the Impact of the EU’s AI Act...

Tech in Agriculture: Roundtable Discusses Innovations on the Ranch

Summary of Tech on the Ranch Roundtable Discussion: ...

Are SMEs Prioritizing Tech Investments Over Security Measures?

SMEs Dive Into Tech Investments, But Are...

Spotify Introduces Music Videos for Premium Members in Chosen Markets

3 Summaries of Spotify Unveils Music Videos for Premium...

Shearwater to Monitor Production at Equinor’s Two Oil Platforms

Shearwater GeoServices secures 4D monitoring projects from Equinor for...

Regaining Europe’s Competitive Edge in Innovation: Addressing the Innovation Lag

Europe’s Innovation Lag: How Can We Regain Our Competitive...

Related Posts

Government Warns of AI-Generated Content: Learn More about the Issue

Government issued an advisory on AI-generated content. All AI-generated content...

Africa Faces Internet Crisis: Extensive Outage Expected to Last for Months, Hardest-Hit Nations Identified

Africa’s Internet Crisis: Massive Outage Could Last Months, These...

FTC Investigates Reddit for AI Content Licensing Practices

FTC is investigating Reddit's plans...

Journalists Criticize AI Hype in Media

Summary Journalists are contributing to the hype and...