The Australian Securities and Investments Commission (ASIC) has accepted court enforcement commitments from pay-as-you-go service provider Elevare Pay Easy Pty Ltd (trading name Elepay).。

Elepay's products are financial products under the Companies Act's Design and Distribution Obligation (DDO), which requires Elepay to perform Target Market Determination (TMD) before providing these products to consumers。TMD ensures that products are sold only to consumers in the target market for that product and that the product meets their needs and goals。

Elepay acknowledges that from October 5, 2021, to March 15, 2023, the seven credit products it sold to consumers had no TMD.。During this period, Elepay lent 1,658 retail customers 1,374.$80,000。

ASIC is concerned that Elepay's failure to offer TMDs puts consumers at risk of obtaining financial products that are not suited to their needs and goals.。

The regulator is also concerned that Elepay does not have in place adequate compliance systems and controls to comply with the Dangerous Goods Transport Ordinance.。

Elepay sets TMD for its products on March 15, 2023。

To address ASIC's concerns, Elepay promised to hire independent experts to evaluate its products, and ASIC agreed to accept that commitment:

• Whether customers who acquire Elepay products after October 5, 2021 belong to the target customer market identified by TMDs;
• What fees and charges are paid to Elepay by customers outside the target market specified in the TMDs;
• Whether Elepay's TMD meets the requirements of the Disability Discrimination Ordinance; if not, what measures Elepay needs to take to correct it。

Elepay must notify customers who are not within its TMD of the expert's findings, immediately stop charging these customers any fees, and refund any fees paid。

From 5 October 2021 to 15 March 2023, Elepay did not hold an Australian credit licence。On 18 October 2023, after ASIC began its investigation, Elepay applied to ASIC for an Australian credit licence.。On January 23, 2024, ASIC issued a license to Elepay。