FinTech Voice, November 16, 2023
Hi FinTech Community,
We have a few key events and networking opportunities planned throughout the year in addition to our flagship events. If you would like to learn more, please reach out.
Our AGM is scheduled for next week where new Directors will be voted in. We will share all updates with you, including our annual report in the upcoming newsletter.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
New consultation: Sustainable Finance Strategy
The Government has released a consultation paper on its Sustainable Finance Strategy. The paper outlines immediate investments and reforms that the Government has identified as most important for supporting sustainable finance in Australia and reducing barriers to investment, with an initial focus on climate-related issues.
The paper is structured across three key pillars:
Pillar 1: Improve transparency on climate and sustainability
Pillar 2: Financial system capabilities
Pillar 3: Government leadership and engagement
FinTech Australia is testing member interest in making a submission. Our focus would likely be on the proposed 'Pillar 1' of the Strategy which deals with disclosures, a taxonomy and labelling system for investment products marketed as sustainable.
If you are interested in contributing to a FinTech Australia submission or have feedback of the consultation paper, please reach out.
Continuous Disclosure - Review of liabilities for failure to meet obligations
Treasury is seeking feedback to inform a statutory review of amendments previously made to the Continuous Disclosure Regime. These amendments introduced a requirement for plaintiffs to prove that companies and related officers acted with 'knowledge, recklessness or negligence' to be successful in a civil penalty for breaches of continuous disclosure laws.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
Unfair contract terms banned
The prohibition on unfair contract terms has now taken effect and civil penalties can be enforced against businesses that include unfair terms in standard form contracts.
The protections also will now cover more small business contracts, with the eligibility threshold lifted from 'less than 20 employees' to 'less than 100 employees', or an annual turnover of less than $10 million.
The unfair contract terms regime applies to:
standard form contracts;
for the supply of goods or services (or financial products or services under the ASIC Act), or for the sale or grant of an interest in land;
where the contract is a consumer contract or small business contract; and
in relation to financial products and services contracts, with an upfront price payable of less than $5 million.
We are currently working on the submission to:
We recently made submissions on:
Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation consultation
CDR Consent Review and operational enhancements design papers
Modernising Australia's anti-money laundering and counter-terrorism financing consultation;
Senator Bragg's Digital Asset (Market Regulation) Bill 2023;
See our recent submissions on our website.
FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.
Upcoming Events
In an era marked by an ever-increasing erosion of trust and integrity across the digital landscape, safeguarding your digital agreements has never been more challenging. Security risks like data breaches, private key theft, attacks to cloud storage, hacks by quantum computers can compromise the integrity of your digital assets.
We are excited to invite you to an exclusive webinar where we dive deeper into the challenges & solutions that may invalidate digital signatures and documents. Register Now!
It’s a terrifying fact that only 25% of fintechs succeed in their journey. But when navigating the FinTech realm, one realizes the success of a founder often rests on the reliability of partners.
Join Daniel Cannizaro of Parpera, Arvind Swami of Red Hat, and moderated by Ben Ford of Tic:Toc for invaluable insights on choosing the right partners for your business and discovering strategies vital for your FinTech journey. Save your spot now!
Also don't miss out on these exciting events from our members and partners! ✨
RSM Webinar: Fraud & Corruption Control — Join a webinar in line with International Fraud Awareness Week, a global initiative dedicated to combatting fraud, raising awareness, and fostering a culture of integrity and transparency.
Startup to Scaleup Summit — a full-day event of keynote presentations, panel discussions, education, leadership development, and networking with fellow peers and industry leaders in the Australia startup and scaleup ecosystem.
Money Circuit Webinar for Money20/20 Asia - Join the Money Circuit webinar to get a comprehensive introduction of the upcoming Money20/20 Asia event.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Hnry helps sole traders save up to $5,635 a year with world-first business debit card. Read More.
Geora sets the stage for lenders to provide better interest rates for more sustainable farmers. Read More.
Airwallex launces Australian-first 'Yield' high returns account. Read More.
Primer bags Tencent investment to fuel growth and innovation globally. Read More.
Making Lending 'future-ready': A tête-à-tête with Pennant's Founders. Read More.
IDVerse Offers the Mastercard Engage Partner Program An Inclusive Digital First Experience. Read More.
Beforepay releases new version of its AI-powered decision-analytics platform; prepares for overseas partnerships. Read More.
Send Payments and PEXA partner on new digital solution for foreign exchange transactions. Read More.
How Australian fintechs can create competitive advantage in a cost of living crisis. Read More.
PayTo for Business. The always-on digital way for businesses to initiate real-time payments from customers' bank accounts. Read More.
Are you looking to sell and expand into global markets? Trust and Credibility are key. Read More.
New Members
Let's welcome FinTech Australia's new members! 🎉
FinTech Australia's Podcast
Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia! 🇦🇺
In our most recent Business Spotlight episode, we had the chance to dive deep in a discussion with Jeroen van Son, CEO & Managing Director at Verrency, on the history of the business, journey, and how they are providing solutions for financial institutions.
🗓 Mark your calendars for FinTech Australia's 2024 Flagship Events and reach out to the team if you would like to support any of these initiatives.
