921. News: What does Australia's under-16 social media ban mean for financial services?

Dec 9, 2024

Guest

Jasper Martens

In this discussion, Jasper Martens, CMO at PensionBee, Tomás Herrmann, UK GM at Bunch, and Simone Joyce, CEO of Paypa Plane, dive into Australia's new social media ban for under-16s and its potential impact on financial services. They dissect the alarming increase in financial scams targeting minors and the need for stricter advertising regulations. Additionally, the insights on Bunch's UK launch highlight innovations in private equity and the expanding opportunities for fintech in Francophone Africa with HUB2's recent funding capture. It's a captivating blend of regulation and innovation!

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ADVICE

Meta's Verification Requirement

Verify advertisers' identities with Australian financial services license numbers.
This combats investment scams prevalent on social media.

INSIGHT

Enforcing the Ban

Australia's social media ban aims to protect children.
Enforceability is questioned due to VPN use and digital ID complexities.

INSIGHT

Improving Regulatory Transparency

Regulators should simplify information access for consumers.
This helps consumers distinguish legitimate financial actors from bad actors.

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