Australian fintech company Humm Group said on Monday that an interim stop order from the country’s corporate regulator that stopped it from selling buy-now-pay-later products to new customers had been lifted. Last week, Humm’s unit was given an interim stop order because the Australian Securities and Investments Commission was worried about the target market for its BNPL products.
Target market determination rules require issuers of BNPL products to think about how well a product fits with consumers’ financial goals, situations, and needs. “Hummgroup has answered ASIC’s concerns about the humm Buy Now Pay Later product’s target market,” the company said in a statement. After the revocation, the company’s BNPL product is once again available to new customers, the statement said.