CreditorWatch achieves ATO’s Digital Service Provider certification

First credit reporting bureau in Australia to be deemed compliant with the ATO’s Operational Security Framework

CreditorWatch, a commercial credit reporting bureau with over 50,000 customers across Australia, today announced it has achieved Digital Service Provider (DSP) certification from the Australian Taxation Office (ATO). CreditorWatch is the first credit reporting bureau in Australia to be granted the certification by the government agency.

The ATO performed its security due diligence on CreditorWatch, assessing the company’s data security procedures and uptime against the government agency’s DSP Operational Security Framework before granting certification of compliance.

The DSP Operational Security Framework was established to respond to business risks and security threats presented by the continual expansion and growth of digital services across the ecosystem. The framework seeks to protect Taxation, Accounting, Payroll and Superannuation related data and the integrity of the Taxation, Business Registry and Superannuation systems that support the Australian community. It does this by setting out the requirements a DSP needs to meet in order to access ATO Digital Services that perform a functional role in the supply chain. The requirements reduce the risk of identity theft, tax refund fraud and system hacks, providing controls to protect the confidentiality and integrity of providers’ client data.

CreditorWatch is an Australian-owned credit reporting bureau that provides credit and financial risk information, digitised financials, credit scoring and modelling and API driven data delivery. CreditorWatch’s data enables businesses of all sizes to access credit risk information. Key data highlights include ‘Risk Score’, the most predictive credit algorithm in the Australian market, unique SME payment and default data and ATO tax debt default data.

Patrick Coghlan, Chief Executive Officer of CreditorWatch said, “We’re proud to be the first credit reporting bureau in Australia to achieve the Digital Service Provider certification under the Operational Security Framework. The market is acutely aware of the importance of security and privacy, and the protection of financial and personal data, given recent events that have impacted both Australian businesses and consumers alike. The certification is a reflection of CreditorWatch’s gold-standard data security procedures, including ISO 27001 and 27017. It also acknowledges our market leading uptime, whereby we’ve maintained 99.95% uptime over the past three years.”


About CreditorWatch

CreditorWatch is a digital credit reporting agency, headquartered in Sydney. From sole traders through to ASX listed companies, more than 50,000 Australian customers avoid high-risk debtors and ensure they get paid on time. CreditorWatch customers can easily search for and monitor the credit history, court actions, payment defaults and insolvency notices associated with any business entity in Australia and New Zealand (including sole traders, trusts and partnerships) giving them an incredibly accurate picture of the risk posed to their business. The company was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at www.creditorwatch.com.au

BNPL users are 43% more likely to use a ‘Pay Advance’ service

Both types of services are growing in numbers and average monthly spend

Open Banking provider Frollo has published new research about Buy Now Pay Later (BNPL) and Pay Advance usage among 33,050 users of its money management app. The research shows that Aussies who use BNPL are 43% more likely also to use Pay Advance services.

Average BNPL spend $439 per month

A closer look at BNPL usage among Frollo users shows that in the months they use BNPL, customers spend an average of $439 on the service, including repayments, fees and penalties.

BNPL use grew throughout 2022 as interest rates increased, and Aussies looked to find solutions amid the rising cost of living. In Q1, Frollo users who used BNPL averaged $417 in spend per month, and this number steadily increased over the remainder of the year, reaching $426 in Q2, $458 in Q3, and $452 in Q4.

The number of people using BNPL grew quarter on quarter throughout 2022, rising from 31.2% in Q1 to 33.4% in Q4. Overall, in 2022 almost half (43%) used BNPL at least once.

Despite the sector facing challenges last year, BNPL remains a regularly used payment option for Aussies. On average, they make 15 BNPL purchases per year, using 1.7 different providers.

Pay Advance usage almost doubled in 2022

Although Pay Advance services aren’t as popular as Buy Now Pay Later, Frollo data shows a significant growth in the usage of these services among Aussies. The number of users with Pay Advance transactions grew incrementally over 2022 from 1.4% in Q1 to 2.7% in Q4. Overall, 5% of Frollo users made at least one Pay Advance transaction in 2022.

On average, Pay Advance customers spent $1,331 on repayments, fees and penalties in 2022. In months they used Pay Advance, their payments averaged $565.

The need for visibility and education

As more Australians are using Buy Now Pay Later and Pay Advance services more regularly, lenders need to take this into account when providing credit – and consumers need to be educated about the potential impact of using these services.

Frollo’s Chief Customer Officer Simon Docherty explains: “It’s clear from our data that BNPL services aren’t becoming any less important to Aussies, and alongside Pay Advance services, are going to be part of the makeup of the consumer finance landscape for the foreseeable future.

As a result, there are a few things for lenders to consider. A customer spending $500 per month on Pay Advance services might not be able to afford the same mortgage as someone who doesn’t. So it’s essential to get visibility over this spending to reduce risk and lend responsibly. Both ING and Macquarie have recently announced that they will consider BNPL debts when assessing home loan affordability.

 

Unfortunately, lenders can’t rely on credit scores to get the complete picture, as most BNPL debts aren’t registered, and most of these services don’t perform credit checks. New legislation is in the works, but it’s unclear whether this will include reporting obligations.

 

Open Banking offers a solution for lenders who want to assess home loan affordability better, manage risk and improve their responsible lending. By analysing customers’ transactions across all their financial institutions, Frollo’s Financial Passport provides a complete view of their income, expenses, assets and liabilities – including BNPL and Pay Advance spending.

 

Lenders who want to improve their responsible lending practices, and how they manage risk, should consider using Open Banking data for their credit assessments.


Frollo is a purpose-driven fintech, on a quest to help people feel good about money. Our technology is used by banks, lenders and fintechs to provide financial well-being and responsible lending solutions to their customers.

In addition to selling our technology to businesses, we make it available for free to consumers in our money management app.

 

FinTech Voice January 26, 2023

Dear Community,

FinTech Australia will once again be hosting the two flagship events in 2023 – The Finnies and Intersekt, bringing together members, corporate partners, investors and government to connect, learn and grow, together moving our industry forward into the coming years. Follow the links for the prospectus. We’re also building other flagship events this year that we are excited to share with you as soon as they finalise.

1.3 million people changed jobs in the past year: the highest job mobility rate Australia has ever seen. Our corporate partner – ProbeCX has a free recruitment report for insights into the future of recruitment.

Heading over the ditch to Fintech New Zealand’s Hui Taumata? FinTech Australia has secured a discount for our members. https://www.fintechhui.nz/register Code: FinTechAus200 for a $200 discount.

If you require any support this year or suggestions about what more we can do to support, please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia


Members hear from Minister Jones

FinTech Australia hosted the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, for a dinner with fintech industry leaders last week. Minister Jones outlined the Government’s priorities for the year ahead, including forthcoming consultations on digital assets regulation and reforms to the payments system.

The Minister also highlighted the importance of the role of fintechs in supporting the Consumer Data Right and ensuring its success. We appreciate the Minister’s support for fintech and the opportunity provided for members to share some of the challenges the sector is facing in 2023, including de-banking and access to insurance.


Member roundtable with Treasury on Strategic Plan for Payments

FinTech Australia is hosting a roundtable for members with the payments team at Treasury to discuss the proposed Strategic Plan for the Payments System. The roundtable will provide an opportunity for members to engage directly with the policy team which is drafting the Plan and developing reforms to the payments system.


Policy Submissions: Q4 Highlights

This week we posted an article highlighting some of our submissions you might have missed during a busy final quarter of 2022.

Check it out here.


Current consultations

We are currently developing submissions to consultations on:

  1. CDR Non-bank lending sector design paper;
  2. National Reconstruction Fund Consultation Paper;
  3. Strategic Plan for the Payments System Consultation Paper;
  4. APRA’s proposals for PPF minimum capital requirements.

We have recently made submissions on:

  1. AUSTRAC’s draft guidance on de-banking;
  2. Feedback to Treasury on the CFR’s de-banking report;
  3. Treasury’s BNPL Options Paper;
  4. Treasury’s draft legislation to enable CDR action initiation.

See our recent submissions on our website.

We also expect the ‘token mapping’ consultation paper to be released imminently and will soon provide details on how to get involved in our response to our Crypto, Blockchain and Web3 Policy Working Group.

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.


Opportunities

👨🏻‍💻 Join the UNSW in their pioneering study on Enterprise Blockchain-Driven Connected Ecosystems and be a part of shaping the future of blockchain technology in Australia. This study aims to examine the role of enterprise blockchain technology in establishing the state of its adoption and use cases within the business environment in enabling mobility, trust, interoperability, and better workflow.

An hour of your time is needed for the research, which will be presented at the world’s largest FinTech conference later this year. If you’re interested to see how you can easily contribute and elevate your brand please reach out to Dr. Eric Lim.

🔮 Predictions 2023 This report is a little bit different, you won’t find any jargon or pages of text talking about the problem. But what you will find is a lot of passion and actionable insights spread across 4 key themes. We’d love to get you involved in sharing the report. Please use this tracking URL whenever you share the report: https://hubs.ly/Q01yD0X70

🇮🇳 Market Strategies for Aussie Technology Companies Interested in learning more about the fintech market in India or launching your operations in the market? Austrade will be leading a number of initiatives to help Australian businesses in India in 2023. Touch base with Stu (stu@fintechaustralia.org.au) to learn more.


Member Showcase

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  1. Windsor First partners with Currencycloud to give its clients a royal cross -border payments experience.
  2. TreviPay today announced the signing of a definitive agreement to acquire payment platform Apruve.
  3. Airwallex partners with American Express to diversify payment acceptance options
  4. Jacobi Inc partnering with Principal Asset Management to digitise and scale fintech-enabled model portfolio offering
  5. Change Financial granted AFSL enables direct issuing in Australia
  6. Sandstone Technology appoints Anthony Mckew as Chief Technology Officer

Industry News


New Member

Probe CX’s FREE Recruitment Market Report

Probe CX’s FREE Recruitment Market Report provides an inside look into the trends, insights and key players influencing the trajectory of the Australian recruitment market.

In the report you will get access to:

  1. The state of play: overall Australian recruitment market outlook
  2. Drivers of change and the key players influencing the recruitment market
  3. Insights into the future of recruitment.

If you’re struggling with labour costs or finding it hard to retain and attract candidates, this report is a must-read.

Learn more in this report. 

How to manage business cash flow in an uncertain economy

According to KPMG’s recent CEO survey, 86 per cent of executives think there will be a recession in the next year. Despite this belief, over half (60 per cent) think it will be mild and short, and 76 per cent have a plan to deal with the impacts. In contrast, some economists predict a “stagflationary crisis”, which involves high unemployment, slow economic growth, and high inflation.

Positive cash flow is critical for businesses, and without it, a company can’t cover its expenses, make investments in the future and grow. Many companies may have seemingly healthy balance sheets and profit and loss statements with impressive net income, but if operating cash flow is tight, a company won’t survive.

While conflicting forecasts are normal, the economic uncertainty should push more business owners to look at ways they can optimise their cash flow to weather the next 12 months.


Planning ahead: How to strengthen your cash flow

Creating a cash flow forecast provides you with the data required to identify where changes to income and expenses can strengthen your cash flow. Here’s other things to consider:

Put profit first: Prioritising profit and using only what’s available to cover your expenses can provide you with a guide on how drastically you could reduce your expenses. This can turn a business from a “cash-eating monster to a money-making machine”.

Reassess your inventory: Identify products that have high and low demand and develop a plan to move your ageing stock through sales or bonus offers and focus your sales and marketing efforts on scaling revenue for your in-demand products.

Take a ruthless look at your costs: Every business has costs associated with it, from day-to-day operating expenses to long-term liabilities. It’s important to analyse your company’s expenses to identify if there are any that can be eliminated, renegotiated, or adjusted to boost cash flow.

Deliver more value: Just like creating offers to move ageing stock will boost your cash flow, putting new offers out that deliver great value will help to strengthen your cash flow too. Think of how your business may be able to create offers that incentivise customers to pay upfront.

Invest in smart systems: Invest in smart cost-saving systems that automate tasks and take the burden out of chasing late payments, sending quotes and invoices, and collecting payments. Two of the key systems you should have in place include accounts receivable and accounts payable

Review loan covenants and proactively negotiate with financiers: If you have long-term loans and liabilities, ensure you proactively manage your collateral requirements and repayments. In an environment with rising interest rates and inflation, a bank may require more collateral from your business to maintain its current credit facilities.

Find a trusted alternative finance partner: Securing finance before you need it is important, particularly when the economy may tighten, and it becomes more difficult to secure funding. For many SMEs, on-demand lending solutions from their FinTech provider – such as invoice and supplier finance, and buyer finance – can provide the capital needed to fulfil orders and deliver projects while keeping cash flow stable.


Proactively manage your cash flow to survive and thrive

Understanding your working capital requirements, forecasting your cash flow, and taking proactive steps to boost your cash flow and minimise your expenses, will strengthen your business’s finances, even in an economic downturn.

Download this guide to learn more on how to better manage your cash flow in an uncertain economy and set your business up to thrive in 2023 and beyond.

 

 

Novatti secures $2.3 million grant for an anti-money laundering fintech project

Novatti Group Limited (ASX:NOV) (Novatti or Company), a leading fintech that enables businesses to pay and be paid, is pleased to announce that an anti-money laundering fintech project it will lead, has been approved for a $2.3 million grant under the Australian Government’s Cooperative Research Centres Projects (CRC-P) Grants program.

Government CRC-P Grants provide funding for short-term research collaborations. The program supports industry-led research collaborations that must develop a product, service or process that will solve problems for industry and deliver real outcomes, benefit small to medium enterprises (SMEs) and include education and training activities.

Novatti’s application was submitted in collaboration with Royal Melbourne Institute of Technology, Hashkloud Pty Ltd, Thankq solutions Pty Ltd and Swyftx Pty Ltd. The total project value is $6.1m which covers the cash and kind commitments by the collaboration partners, with government funding back to the collaboration partners of $2.3m. The project runs from 5 Jan 2023 to 30 Nov 2025. The first $830k is due for reimbursement by 30 June 2023.

The collaborative project will focus on developing a digital platform consisting of novel anti-fraud and anti-money laundering techniques, to align Crypto transactions with traditional payment options such as credit cards. It will allow consumers, merchants, and exchanges to acquire, verify and transfer Crypto with trust and scalability while conducting daily business. Thus, it will modernise Australian industries to take the lead in leveraging such currencies globally.

Managing Director of Novatti, Peter Cook, said: “Concerns over cybersecurity have greatly increased over recent years where it has become the most critical corporate risk. There is a growing need to develop innovative new solutions that can prevent fraud and money laundering in the digital space and with Novatti’s fintech and regtech suite, we are well positioned to address these risks.

Through this collaborative project and with the support of Government funding, we are seeking to provide an innovative solution that can mitigate these risks and hence enabling digital asset transactions to support long-term growth in Novatti’s financial transactions and payments revenues.

The CRC-P Grant funding will run through to 30 November 2025.

This announcement follows some of Novatti’s other recent growth-focused achievements, including:

  1. Launch of International Bank of Australia, holding a 91% shareholding
  2. 98% year-on-year increase in September quarter sales revenue
  3. 53% reduction in cash used in operations across past two quarters

Novatti invites investors to keep up to date with company news, events and industry research by joining the Novatti mailing list at: https://www.novatti.com/subscribe

Investors can view all Novatti announcements and join the discussion at Novatti’s Investor Community Hub at: https://announcements.novatti.com


About Novatti Group Limited (ASX:NOV)

Novatti is a leading fintech that enables businesses to pay and be paid, from any device, anywhere. From corner stores and start-ups to global organisations, our solutions will unlock your ambitions. Solutions include issuing, acquiring, processing, and billing, while Novatti also holds a restricted banking licence through its 91% owned subsidiary International Bank of Australia Pty Limited

SANDSTONE TECHNOLOGY APPOINTS ANTHONY MCKEW AS CHIEF TECHNOLOGY OFFICER

Anthony McKew was today announced as the new Chief Technology Officer for Sandstone Technology.

Prior to joining Sandstone Technology, Mr McKew has amassed over 35 years of both local and global experience within banking and retail technology having worked for the likes of Linkly, Premier Technologies and SecurePay. Having led teams on countless projects, developing solutions for organisations across Australia and New Zealand, Asia, the Middle East and the United Kingdom, Mr McKew has developed platforms that have seen global reach and improved efficiencies within the financial services arena across the globe. Mr McKew’s expertise lies in designing and managing enterprise grade platforms considered business critical for major retailers, government agencies and digital operations for both vendors and service providers.

Sandstone’s CEO, Abhish Saha, commented,

I am extremely pleased with the addition of Anthony to our Leadership team as our Chief Technology Officer. This is an essential role, supporting our customers across the globe and being a key driver of our ongoing business strategy and growth. Anthony’s intimate understanding of Financial Institutions and their security and technology needs will be of great value to both our customers and our staff.

Mr McKew stated,

After having worked with banking and technology organisations, along with their clients, for many years I am really looking forward to collaborating with both the Sandstone Technology team and its customers to continue their digital transformations in a low risk, compliant yet highly innovative manner, enabling them to stay ahead of the competition.

Mr McKew’s appointment took effect as of Monday 9th January 2023.

Change Financial Granted AFSL – Enables Direct Issuing in Australia

Change Financial Limited (ASX: CCA) (Change or the Company) is pleased to announce that the Australian Securities and Investments Commission (ASIC) has approved Change Financial Payment Services Pty Ltd (CFPS), a wholly-owned subsidiary of Change Financial Limited, for an Australian Financial Services Licence (AFSL).

Change CEO and Managing Director, Alastair Wilkie commented,

This is an important milestone for Change as it will enable our direct issuing capability in Australia. The AFSL complements our existing New Zealand Financial Service Provider licence and will significantly expand opportunities to deliver our leading payments as a service (PaaS) solution to banks, fintechs and financial institutions within one of our key target markets.”

 

Following Mastercard Principal Issuer accreditation for Australia, Change will be able to issue debit and prepaid cards in New Zealand and prepaid cards in Australia. As an agile non-bank card provider in the Australian market, we will lower the barriers of entry for fintechs and non-bank lenders who wish to provide digital and physical cards.


Licence Authority

The AFSL will enable Change to issue digital and physical prepaid cards through the partnership with Mastercard. The licence enables Change to provide the following key financial services offerings to retail and wholesale clients:

  1. provide general financial product advice for financial products that fall into the class of ‘deposit and payment products limited to non-cash payment products’, which includes cards; and
  2. deal in a financial product by issuing, applying for, acquiring, varying or disposing of a financial product in respect to financial products that are in the class of ‘deposit and payment products limited to non-cash payment products’.

Following the granting of the AFSL, Change can finalise the Mastercard Principal Issuer licence process in Australia. The Company expects to achieve Principal Issuer accreditation in Australia in Q3 FY23. Change is already an accredited Mastercard Principal Issuer in New Zealand. Card issuing in Oceania is a key component of Change’s strategy and will enable the Company to generate revenue growth through transaction and processing-based fees.

In accordance with the new licence obligations, Change has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Financial Complaints Authority (AFCA).

New Zealand Client Progress Update

Change continues to progress towards ‘go-live’ of the first New Zealand client card programs, having delivered all key milestones on time to date. The integration with the clients’ core banking platform is in the final stages of user acceptance testing and client card designs are with Mastercard for approval. Change is working closely withall parties to commence transitioning card programs in Q3 FY23, thereby starting to generate transaction and processing-based revenue from the delivery of those services.


About Change Financial

Change Financial Limited (ASX: CCA) (Change) is a global fintech, leveraging innovative and scalable technology to provide tailored payment solutions, card issuing and testing to banks and fintechs. Change’s technology is used by over 156 clients across 41 countries to deliver simple, flexible, and fast-to-market payment services, including card issuing and testing.

Change’s payments as a service (PaaS) platform Vertexon, seamlessly integrates with banks and fintechs’ core systems enabling delivery of digital and virtual card solutions to their customers. It includes integrated features such as Apple Pay, Google Pay, Samsung Pay and Buy Now Pay Later (BNPL) services. Change currently manages and processes over 27 million credit, debit, and prepaid cards worldwide.

Using PaySim, Change tests payment systems to help clients meet the reliability and performance expectations of end customers. Simulating the full transaction lifecycle across multiple systems, PaySim enables banks and fintechs to complete end-to-end testing of their payment platforms and processes from a desktop. Change also provides the default standard for payments testing for many Australian companies, including Australia’s domestic card payment service eftpos.

Learn more about Change at www.changefinancial.com

Our Policy Submissions – Q4 Highlights

FinTech Australia was busy during the final quarter of 2022, with submissions made to policy consultations across a range of important issues for the fintech community. We have highlighted a few of our recent submissions you may have missed.


Startup Year: Consultation Paper

In November, the Department of Education consulted on the design of the Startup Year initiative, a program to provide HECS-style loans to allow students to participate in university incubator or accelerator programs.

Our submission proposed broadening the initiative’s selection criteria to include Consumer Data Right (CDR) innovation and introducing a principles-based public benefit and innovation test. The submission emphasised the importance of raising public awareness of CDR and called for the Government to incentivise the development of innovative use cases.

We encouraged the Government to specifically include the development of CDR use cases as a Startup Year priority area. Including the CDR as a priority area would support university students and the startup community to participate in the new CDR ecosystem and drive new CDR‐powered products and services.

Our submission also called for the Government to replace the set whitelist of priority areas with principles-based public benefit and innovation tests to broaden the selection criteria,. We suggested these tests could complement other early-stage business initiatives and better align with the objectives of the Startup Year initiative with the existing startup policy ecosystem.

ASIC Industry Funding Model Review: Discussion Paper

As part of its review of the ASIC Industry Funding Model (IFM), Treasury released a discussion paper in September seeking stakeholder views on options for potential changes.

Our submission recommended a dedicated consultation on expanding the IFM to new and emerging sub-sectors, like crypto and Buy Now, Pay Later,  should be held after the perimeter of regulation for these sub-sectors is settled. This approach would ensure cost recovery is proportionate and avoid uncertainty and inconsistencies.

We further submitted that care should be taken to avoid penalising new and emerging sectors, as innovative products may require exploratory surveillance and more guidance from ASIC. We encouraged the Government to consider implementing a different metric to determine the tiering of levy amounts to reflect the differences between sub-sectors, to further ascertain the size of the entity and their share of ASIC’s regulatory effort.

We also raised broader concerns that sudden and disproportionate levy increases can create unsustainable overheads for small businesses, particularly in the current difficult market conditions. We supported proposed measures that would provide more certainty and guidance about the expected cost of levies and measures to minimise volatility, including more consistent reporting of indicative levies. We also suggested that ASIC may take a more proactive role in engaging with entities that have fewer resources and capacity to understand the impact the IFM has on them.

Consumer Data Right: Exposure draft legislation to enable action initiation

In September, the Government released exposure draft legislation to enable action initiation in the Consumer Data Right (CDR). Action initiation would empower consumers to authorise, manage and facilitate actions securely in the digital economy and could enable use cases like making a payment, opening and closing an account, switching providers, and updating personal details across service providers.

Our submission supported this long-anticipated expansion of the CDR and made some recommendations to ensure the legislation is flexible enough to adapt to new use cases and models over time. We called for a more inclusive accredited action initiator definition to allow more fintech startups to participate, while maintaining protection for consumers.

While acknowledging the ACCC’s power to regulate certain fee-charging practices, the submission encouraged the government to implement a more tailored and standardised approach to avoid potential discriminatory practices. Additionally, we supported the proposed privacy safeguards and suggested that user testing may be considered to complement the mechanism.

We were glad to see this legislation progressed quickly and introduced into Parliament before the end of the year.

Board of Taxation Review of the Tax Treatment of Digital Assets and Transactions

In September, the Board of Taxation consulted with the industry as part of their review of the appropriate policy framework for the taxation of digital transactions and assets in Australia. We participated in the Board’s targeted consultation process and hosted the Board and industry tax professionals for a roundtable with members at our Intersekt 2022 conference.

The submission addressed the issues members have experienced with the current tax treatment and outlined some proposed legislative recommendations. We submitted that further detail and clarity for transactions and assets are needed to adequately address the complexities of the tax treatment of crypto assets and transactions. The submission explained the impact of insufficient guidance on numerous digital assets and transaction areas. Examples in the submission included the application of the principles of mutuality in decentralised autonomous organisations, the characterisation scheme for Airdrops to adequately address the different circumstances, and that better alignment in the tax treatment of initial coin offerings is needed to keep pace with the rapid evolution of token characteristics and token distribution models and more.

Our submission further suggested a simplified tax compliance regime for the crypto asset industry to make compliance more affordable and provides fintech with more access to professional crypto asset tax advice. We recommended greater care to be taken when introducing rules specifically for the crypto industry to avoid unintended side effects. We additionally advocate the government to consider other tax transparency programs rolled out internationally to promote national tax transparency.

How to get involved in our policy work

FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved are distributed to our Policy Working Group membership.

Reach out about a membership if you would like to contribute and shape our policy work.

See all our recent submissions.

Five FinTechs On Friday, January 20, 2023

Welcome to 2023 and to our first edition of the Five Fintechs on a Friday newsletter. We’re pleased to showcase five awesome members this week as well as including a special offer to those who are growing across the Tasman. (more…)

Upcoming Events
  1. Architect your Fintech ‘Bank-Grade’- with Oracle Cloud

    February 15 @ 9:30 am - 1:30 pm
  2. THE NEXT ERA IN LENDING: LENDERS WILL TAKE THE PATH OF PRAGMATIC INNOVATION

    February 16 @ 9:00 am - 10:00 am
  3. #ACCELERATERegTech2023

    April 26 @ 8:00 am - April 27 @ 5:00 pm
Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise