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(Reuters) – Australian fintech firm Humm Group said on Friday its unit had received a temporary halt order from the country’s corporate regulator restricting the release of pay-as-you-go products. later for new customers.
In a statement, Humm said the temporary halt was related to concerns raised by the Australian Securities and Investments Commission (ASIC) about the identification of a target market for the company’s buy-now-pay-later products. .
The company said it is complying with the requirements of the order, adding that it can continue to serve existing customers who have already been supplied with the product.
Humm is Australia’s third-largest BNPL provider with around 14% market share, according to IBIS World.
“Hummgroup is looking to work closely with ASIC to urgently address concerns regarding the identification of BNPL’s target market,” the company said.
ASIC did not immediately respond to a request for comment.
