Elepay Completes Successful ASIC Review, Reaffirming Commitment to Compliance
Elepay, Australia’s leading Pay Later service for property owners, has successfully undergone a comprehensive review by an independent expert, following an order from the Australian Securities and Investments Commission (ASIC) in February 2024. The review examined nearly 4,000 files from the past three years and was conducted under the auspices of the Customer Experience Unit (CEU) to assess Elepay’s compliance.
On Friday, September 20, 2024, Elepay received an “all clear” from ASIC. The senior investigation team concluded that no further inquiries were necessary based on the independent expert’s findings, marking the successful completion of the CEU process without any breaches.
Gino De Pasquale, CEO and Founder of Elepay, expressed his satisfaction with the outcome, stating, “From day one, Elepay has always adhered to the relevant industry regulations. It has been a top priority for us to build robust systems and processes that ensure compliance with regulatory and consumer protection laws. While I was always confident in our governance and compliance, I’m relieved that we have received the ‘all clear’ notice from ASIC. Nothing changes for us—we remain vigilant and committed to protecting our customers and adhering to the rigorous laws and governance set by the codes.”
Gino also noted, “I’m particularly proud that Elepay’s CEU audit was completed in just six months, compared to other financial services companies that are well into their second year of CEU reviews. Our focus on cooperation and supplying all the necessary data and reports to our independent expert from the outset has paid off. We’ve always been confident in our processes, and our happy customers over the last five years are a testament to that.”
Reflecting on the experience, Gino remarked that while the CEU audit was an intense period of scrutiny, it provided valuable opportunities for growth and reflection. “Like most things in life, when you’re made to reflect and critique, as we were during the ASIC CEU process, there’s always room for growth and re-evaluation. Over the past eight months, we’ve taken every opportunity to reassess our business and identify areas where we can go from good to great.”
Elepay’s successful completion of the CEU process underscores its ongoing commitment to consumer protection, regulatory compliance, and delivering value to property owners across Australia.
About Elepay
Elepay is a leading Pay Later specialist exclusively serving Australian property owners. With over 400 authorized partners offering Elepay’s services, the company has become the preferred solution for property stylists, renovation-to-sell businesses, and other service providers looking to offer customers the option to defer any upfront property-related expenses. A unique feature of Elepay’s business model is its ability to provide property owners with rapid access to funds—up to $50,000 within hours or up to $500,000 within days. Customers can enter the Elepay ecosystem through an authorized partner or directly, receiving funds within 48 hours of approval.
Elepay remains committed to promoting and protecting the interests of Australian property owners.
“The journey has just begun,” concludes Gino De Pasquale, CEO and Founder.
