Member Spotlight: Revolut, Lessons Learned From Their AFSL Journey

Earlier this year, Revolut finally reached its goal in obtaining an Australian Financial Services Licence (“AFSL”). This is a goal that many fintechs are working towards with the journey presenting many hidden challenges.

For this week’s Member Spotlight, we spoke to Matt Baxby, Australian CEO of Revolut about their AFSL journey, the challenges they encountered and the things they learned along the way. We’ll also delve into what’s next for Revolut and its customers.

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FinTech Australia Industry News July 2

 




We hope everyone had a good EOFY and we are looking forward to seeing all your successes over the next year. Speaking of successes, we are looking forward to sharing the success of our members and the ecosystem in the next week – please stay tuned.

Today marks an important day in the progress to a digital economy with the launch of the Consumer Data Right, but the hard work has only just begun. We need to ensure the CDR is accessible and cheaper for fintechs to use than other alternatives on the market. A key part of ensuring this happens is the ACCC consultation in respect of Intermediaries. We realise there is a long way to go before we get a framework that will adequately deal with the range of models in the market. If you are a member of FA, we would love to have your involvement. We are also currently in the process of drafting the second draft of our response to the ePayments Review based on member feedback, as well as working with our Blockchain and Digital Currency policy working group in respect of deregulation, and the future of the blockchain roadmap.

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Five FinTechs on Friday – June 26

Fintechs helping SMEs with access to capital, a fractional investment platform, a tech startup fund tracking service and a technology company that helps fintechs build customer relationships. Here are 5 fintechs on the spotlight this Friday.
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Member Spotlight: Square, Community payments

As many businesses can attest, access to payment rails that allow one to pivot to online sales has been essential in surviving the economic pressures presented by Covid-19. Consumers are using less cash, and businesses are resorting more and more to moving online. NAB has noted that there has been an 800% increase in the number of merchant facilities opened compared with April of last year. The Reserve Bank of Australia has noted in a March report that cash-based consumer payments have dropped to 27%, down from 69% in 2007. Cash withdrawals have also been impacted, dropping 32% in April compared to February. This has opened opportunities for digital marketplaces and businesses, products such as cryptocurrency, and the potential for digital cash (which we covered in a previous Member Spotlight), and payment providers. Square has been one such payment provider that is pivoting to help its customers as they adapt to a new way of working. 

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Five FinTechs on Friday – June 19

We highlight five fintechs this Friday that provide solutions in cross-border payments, helping consumers finance their energy requirements, digital currency payments and transfers, open banking, and intelligent digital wallets. Below are the five fintechs in Australia that you need to know about.
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Industry Updates June 18, 2020

We hope everyone has been well over the past few weeks as restrictions begin to ease across the country. We have several exciting policy and community updates in store for you all, as well as a myriad of events and opportunities that you can take advantage of.

In respect of our policy work, we have submitted our submission to the Inquiry into the Future Directions for the Consumer Data Right, and we are currently seeking feedback from members on the first draft of our submission to the ASIC ePayments Review.

We are also currently progressing on Intersekt and the Finnies, which are scheduled to run later in the year. If you want to be involved in these events, please do not hesitate to reach out.

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Resilience during COVID-19: Q&A with Airwallex’s Neil Luo

As ​Airwallex’​s Head of Growth, Neil leads the company’s global growth and user acquisition strategy. He has over a decade’s experience working across marketing, strategy, technology and data science, previously holding roles at SEEK, Hotels.com, Expedia and The Boston Consulting Group.

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Five FinTechs on Friday – June 12 edition

Today’s series looks at a digital marketplace for Aussie borrowers, an investment transactions app, a prepaid payments specialist, a flexible funding platform to SMEs, and a ‘buy now pay later’ tech company.
Below are five fintechs you need to know about this week.

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Five FinTechs on Friday 4

Innovation is the name of the game here in Australia. Today’s series covers an electronic payments solutions provider, real-time payment specialists, a unique banking app to help Australians save on their home loan, a marketplace for third-party fintech payment services and a global privacy enhancing, data exchange technology service.
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Industry Updates June 4, 2020

 




We hope that everyone has been well over the past couple of weeks. On the policy front, we are continuing to strongly advocate for the fintech ecosystem with respect to the budget to support you all on your recovery post-Covid-19. We have made our submission to the Inquiry into the Future Directions for the Consumer Data Right, and are currently drafting our submission to the ASIC ePayments Review (details below).

Industry Updates

Last week was particularly exciting, with the new Regulatory Sandbox legislation receiving royal assent. We also successfully lobbied for the removal of the directive that the AOFM must only distribute the SFSF 15 Billion Fund to companies that have 50M assets/loans under management. This change will allow more lenders to access the scheme.

New memberships and community initiatives

Before we launch into our community initiatives, we would like to welcome Scantek, Yodlee and Identitii as our newest members!

Since our last newsletter we have run two weeks of Five Fintechs on Fridays (with incredible enthusiasm from the community). These entries have featured BTC Markets, Data Republic, Assembly Payments, Tanggram, Ingenico, TradeLedger, OpenSparkz, Radium Capital, Pinch and Relay Pay. Stay tuned for this Friday’s latest FFoF.

In last week’s Member Spotlight we spoke with Caroline Bowler, CEO of BTC Markets about the opportunities that the current market presents for cryptocurrency adoption and, in particular, Central Bank Digital Currencies. This week we spoke with InDebted’s Lachlan Heussler about what the company is doing in the debt collection space, their unique use of technology, and their future plans.

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