Doo Payment Successfully Obtained A Payment Exchange License from Australian Securities & Investments Commission (ASIC)

News | 18 Apr 2024 11:33/AM GMT

Doo Group’s sub-brand, Doo Payment’s subsidiary, Doo Payment Technology AU Pty Ltd, has successfully obtained a payment exchange license (License No.: 444062) from the Australian Securities & Investments Commission (ASIC). This will allow the company to provide payment exchangerelated services in Australia, further expanding its payment exchange business landscape. 

Obtaining a Heavyweight License 

The Australian Securities & Investments Commission (ASIC) is the regulatory body supervising Australian financial services and markets. It regulates companies, investment behaviors, financial products and services as an independent entity. 

ASIC’s comprehensive financial regulatory system and the intensity of its execution have been recognized as one of the most stringent and all-rounded systems, that provides the most protection to investors’ rights within the industry. 

According to ASIC’s regulation, any financial institution that operates financial trading businesses in Australia is required to obtain ASIC’s approval and apply for the related financial services license. Leveraging on its strong capital strength, compliance ability, business model, and excellent performance, Doo Payment Technology AU Pty Ltd has successfully obtained the Australia Payment Exchange License. 

With this license, the company is authorized to carry on a financial services business to: 

(a) provide general financial product advise for the following classes of financial products: 

(i) deposit and payment products limited to: 

(A) non-cash payment products; and  

(b) deal in a financial product by: 

(i) issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial product in respect of the following classes of financial products: 

(A) deposit and payment products limited to: 

(1) non-cash payment products; 

to retail and wholesale clients. 

In the future, Doo Payment Technology AU Pty Ltd will carry out its responsibilities as a licensee under the strict supervision of ASIC. We will safeguard clients’ privacy and capital safety, providing them with convenient, efficient, and safe payment exchange solutions. 

Connecting the World with Payment & Exchange 

Doo Payment is Doo Group’s payment & exchange sub-brand. Through opening a global account, clients can leverage advanced FinTech to conveniently achieve global capital flow. This will help them efficiently capture the business opportunities in this digital era. 

The obtainment of this license marks an important milestone in the group’s development in the payment exchange business. It has also further strengthened Doo Payment’s and Doo Group’s core competitive ability and influence in the Australian market. 

Currently, we have established our first customer center in Sydney’s Chinatown, Australia, providing currency exchange services to our clients. We are planning to launch a diverse of services for our clients in the future, including global cross-border payment, global stock brokerage services, investment schemes management, corporate financial consulting, general insurance, and more.  

We remain committed to building a one-stop, diverse financial services center, providing local clients with an excellent service experience. 

Payment exchange is an important segment in executing financial activities. This new development in the payment exchange sector serves as a strong support for the group’s diverse businesses, such as securities brokerage, wealth management, healthcare, and more.  

Through synergistic development in the various sectors, Doo Group will continue to refine our business ecosystem, and expand our global business landscape. This will help us provide comprehensive financial services and innovative solutions to more clients across various regions. Let’s explore a better future together!