FinTech Voice December 2 – Sponsored by Envestnet | Yodlee

This year’s Annual General Meeting took place on November 30, 2021 and with it, we welcome the Board of Directors that have been elected. We welcome newest director, Dominic Pym, Co-founder of Up, and returning directors Simone Joyce, Managing Director, Paypa Plane; Oliver Kidd, Founder & CEO, Archa; Paul Kang, Co-founder/Director, Entersoft Security; Harry Godber, Head of Strategy, Flare; Marie Mortimer, Managing Director, Loans.com.au; Nathan Walsh, Co-founder & CEO, Athena Home Loans, Robin Sands, CEO, Link4 Cloud; Brian Collins, Fintech and Food Managing Director, Startupbootcamp, Cathryn Lyall, Co-founder, Seed Money Australia & Seismic Foundry; and Michael Saadat, Public Policy & Regulatory Affairs, Afterpay.

On policy, we have a few ongoing consultations as we approach the end of the year. We continue to be involved in several consultations and their submissions this week, including the Attorney-General’s follow-up review of the Privacy Act, Modernising business communications consultation and AFCA Consultation Report

We are excited for our upcoming webinar in association with Austrade on Making the jump: Australian Fintechs Taking on the US on 3 December – 9 AM (AEDT). Learn more about the US market regulations, trends and opportunities as it relates to fintech exporters. Register for the event here.

If you have queries or require any additional information, the team is always available.

Finally, we welcome our newest member this fortnight – MATTERPAY LENDING PTY LTD.

Regards,

Rehan D’Almeida
Head of Partnerships and Marketing
FinTech Australia

Financial data aggregation leader, Envestnet | Yodlee has been granted active status as an Accredited Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR). This means that the organisation is fully equipped and authorised to provide you with access to CDR financial data through open banking connections. They also provide access to non-CDR consumer-permissioned data through responsible data aggregation. With their innovative technology and global experience, they can help you navigate Australia’s hybrid and evolving open banking environment to comply with CDR requirements and your customers’ expectations. Contact them to learn more.

Privacy Act Consultation

We are currently seeking member feedback for this review

Modernizing Business Communications Consultation – Technology Neutrality

Our draft letter to the Federal Government in relation to this consultation is underway

We are seeking member feedback for this review

AFCA Consultation Report

The Treasury released their report into the Review of the Australian Financial Complaints Authority (AFCA) which FinTech Australia made a submission in response to in March 2021

The report makes 14 recommendations. Overall it found that AFCA is performing well in a difficult operating environment and a changing regulatory landscape

🔏 BDO and AusCERT presents the Cyber Security Survey that identifies the current cyber security trends, issues and threats facing organisations across Australia and New Zealand. The 10-minute survey will provide you an opportunity to sense check your organisation’s approach to cyber risk – Closes at midnight on 3 December 2021

📖 Join the Fintech in Vietnam Program delivered by Asialink Business in association with Department of Industry, Science, Energy and Resources (DISER) and Austrade – a comprehensive online training series for Australian business leaders in the Fintech sector who are exploring opportunities to plug-into Vietnam’s fintech market. Learn more about the program and apply today! Use code FINTECHAUS100 for free registration!

🇺🇸 FinTech Australia and Austrade webinar will highlight the US market regulations, trends and opportunities as it relates to fintech exporters. Register today for Making the jump: Australian Fintechs Taking on the US – 3 Dec

💹 Join the webinar on Investment Opportunities in Vietnam organised by Consulate General of Vietnam in Sydney – aims at NSW and Australian exporters who are keen to explore investment opportunities in Vietnam. Visit here to know more and register for the event on 2 Dec 2021

🇫🇷 Join the Paris Fintech Forum communities delivered by Alteir – Winter Digital Hybrid Edition on 2 Dec and 3 Dec. Get a chance to be a part of both in-person and virtual panels, interviews and speed meetings, all in one. Click here to know more and get your tickets today.

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

  • Frollo and Beyond Bank recently partnered to deliver Open Banking customer experience
  • Digital lender, Nano Digital Home Loans, an Australian fintech lender offering the country’s first end-to-end digital mortgage service aims to reshaping the Australian mortgage market.
  • Swyftx announced two major motorsports sponsorships at Bathurst amid growing interest in crypto among race fans and drivers
  • The Australian Competition & Consumer Commission (ACCC) recently announced that Payble was granted formal Consumer Data Right (CDR) accreditation
  • Airwallex raised additional US$100 million in Series E1 led by Lone Pine Capital
  • Open announced as Australia’s 7th fastest growing company in AFR Fast 100
  • Australian based global fintech, Change Financial (Change), which provides tailored payment solutions, card issuing and testing to banks and fintechs today announced the official launch in Australia of its payment’s brands
  • Cirralto signs binding agreement to deliver funding services to Australia largest wholesale beverage trading platform, eBev
  • MyBond launched its unique and groundbreaking service to alleviate this problem and to assist all Queensland renters
  • Cape joins forces with FrankieOne to enhance the customer onboarding experience
  • Sandstone Technology talks about Mobile banking security: 5 serious challenges, and the 7 ways to address them along with De-risking lending
  • The Economist Intelligence Unit (EIU), supported by Temenos collaborated for a detailed report on the state of cloud-based banking and its future
  • Nodifi recently launched personal loans on origination platform, signaling broker feedback and consumer demand as the main drivers
  • Shift, a provider of credit and payment platforms to Australian businesses, has set the bar for paid parental leave in the Australian finance industry
  • AFG and Frollo join forces to improve mortgage lending with Open Banking data
  • Visa recently invested in Basiq, the API platform powering some of Australia’s most innovative banks and fintechs with financial data
  • Till Payments upsizes recent funding round with top up from Afterpay-backed Touch Ventures and strategic European investors
  • Binance Australia and WeMoney recently launched an initiative to boost Australian crypto education to enhance the financial wellbeing and investment literacy of Australians
  • Connecting Up and Link4 joined forces to enable not-for-profits to reap the benefits of eInvoicing
  • TrueLayer announces the appointment today of Jodi Ross to the position of Regulatory Lead in Australia.
  • Link4 has landed more government contracts following an increase in eInvoicing adoption among Government Agencies in recent months

FinTech Voice November 18 – Sponsored By Envestnet | Yodlee

With the recent launch of our regulatory map and investors map, it’s been a big fortnight of new developments and announcements from the industry and our organisation. While we continue to support the industry and keep up our pace with the new and ongoing submissions and collaborations, we look forward to our upcoming webinar on Vietnam fintech landscape and opportunities for Australian fintechs in association with Austrade on 30 November – 3 PM (AEDT). Register early and be a part of the discussion highlighting Vietnam Fintech market overview.

We are also happy to announce that Cloud technology provider DNX Solutions has joined FinTech Australia’s corporate partnership program – helps foster relationships with the fintech industry’s key players and help companies better collaborate with the sector

In terms of policy, we continue to be involved in several consultations this week, including the ACCC‘s draft information security self-assessment formASIC‘s final review of the ePayments Code following on from CP341 last year, and the Attorney-General’s follow-up review of the Privacy Act.

We are excited for our upcoming webinar in association with Austrade on Making the jump: Australian Fintechs Taking on the US on 3 December – 9 AM (AEDT). Learn more about the US market regulations, trends and opportunities as it relates to fintech exporters. Register for the event here.

If you have queries or require any additional information, the team is always available.

Finally, we welcome our growing member base with new members – DEDOCO and PANDA REMIT.

Regards,

Rehan D’Almeida
Head of Partnerships and Marketing
FinTech Australia

Financial data aggregation leader, Envestnet | Yodlee has been granted active status as an Accredited Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR). This means that the organisation is fully equipped and authorised to provide you with access to CDR financial data through open banking connections. They also provide access to non-CDR consumer-permissioned data through responsible data aggregation. With their innovative technology and global experience, they can help you navigate Australia’s hybrid and evolving open banking environment to comply with CDR requirements and your customers’ expectations. Contact them to learn more.

InsurTech Whitepaper

We released our draft to our insurtech policy working group early this month.

We will be holding a meeting with our insurtech members shortly to discuss the next steps.

Consumer Data Right – IT Self Assessment form

We submitted to the ACCC on Monday – We are currently seeking member feedback for this review.

ePayments Code Review

We are seeking member feedback for ASIC‘s final review of the ePayments Code

Attachment A – Revised Positions and RationalesAttachment B – Draft Guidance on Reasonable Endeavours and Attachment C – Accommodating Biometrics

Privacy Act

As a part of review of the Privacy Act, we are seeking member feedback.

💲 FinTech Australia is partnering with FINTECH21a two-day, two-stream program on Blockchain & Crypto and Fintech Trends. Book your tickets for Australia’s largest fintech event of 2022 – 23-24 March 2022. Also, reach out to us for speaking and exhibiting opportunities.

🔏 BDO and AusCERT presents the Cyber Security Survey that identifies the current cyber security trends, issues and threats facing organisations across Australia and New Zealand. The 10-minute survey will provide you an opportunity to sense check your organisation’s approach to cyber risk – Closes at midnight on 3 December 2021

👩🏻‍🎓 The demand for digital skills is growing, and the Victorian Government’s new Digital Jobs program is helping build Victoria’s digital workforce to help businesses thrive. Over the next three years, mid-career Victorians will complete a six-month program that includes 12 weeks of industry-backed training followed by 12 weeks in a paid digital job with a Victorian business. Some of the state’s top employers will host candidates, including ANZ, Carsales, Zendesk, Amazon and MYOB.
If you are searching for great people with digital skills, learn more and apply now

🇮🇳 Fintech OI is offering a 3-month virtual program – The India FinTech Market Access Program which will focus on possibilities of developing an India strategy for your FinTech venture, with the help of local experts. Learn more about the program and apply today!

🇺🇸 FinTech Australia and Austrade are pleased to present a webinar highlighting the US market regulations, trends and opportunities as it relates to fintech exporters. Register today for Making the jump: Australian Fintechs Taking on the US – 3 Dec

🇻🇳 FinTech Australia and Austrade are hosting a webinar on Vietnam fintech landscape and opportunities for Australian fintechs. Register early for the discussion on 30 November

💹 Join a cohort of professionals passionate about the real applications of blockchain for their businesses with Joshua Gans and ScholarSiteRegister for The Economic Potential of Blockchain webinar. Use the code BCW21FINTECH5 for 5% off the price of your seat.

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

  • GBST wins the IBS Intelligence NeoChallenger Bank Award with its term deposit comparison calculator
  • Visa invites startups in Asia Pacific to build next generation digital payment capabilities
  • DNX Solutions joins FinTech Australia corporate partner program
  • Australia’s first neobank Volt has partnered with Australia’s first Open Banking intermediary, Frollo, to jointly build and launch a new banking-as-a-service (BaaS) app
  • Archa partners with Uber and Mastercard to help get businesses moving again
  • WeMoney, recently expanded its offering to now allow members to track their cryptocurrency holdings in app, integrating crypto exchange Coinspot
  • BDO and AusCERT presents the Cyber Security Survey that identifies the current cyber security trends, issues and threats facing organisations across Australia and New Zealand
  • Envestnet | Yodlee launched their whitepaper to show continued evolution of Open Banking models in Australia and how hybrid service models can speed the process for service providers
  • The merger of Assembly Payments launches its new brand – Zai, creating a new force in Australian financial services
  • Australian Open Banking provider Frollo has published the second edition of its yearly industry report, ‘The State of Open Banking 2021’
  • TrueLayer appointed Rob Hale as Head of Banking in Australia as local growth continues to accelerate
  • Using data science, Koba Insurance is set to revolutionise insurance
  • Airwallex, a global fintech platform, recently announced at Singapore FinTech Festival that its Singapore entity, Airwallex (Singapore) Pte Ltd, has been granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS) under the Payment Services Act
  • London-based open banking pioneer, TrueLayer officially launched its open banking platform in Australia in September 2021
  • In continuation to the “Digital Bank of Tomorrow” thought leadership series, Temenos recently launched its part two – ”Missing Measures of Digital Success” White Paper
  • MyState Bank Selects Temenos for its Digital Banking Expansion in Australia
  • Envestnet | Yodlee recently announced several changes and key hires to the Sydney-based team to help support company’s continued expansion in the region
  • Dacxi and ABC Bullion form unique supply and vaulting partnership to disrupt precious metal investing in Australia
  • Consumers lay down a US$250bn challenge to financial institutions as they seek more flexible, customized digital products, according to research commissioned by EpisodeSix
  • Basiq and Ernst and Young have collaborated to write a comprehensive white paper looking at the future of write access in Australia
  • Global research report by cloud banking platform, Mambu shows Australian consumers have embraced Buy Now Pay Later but remain cautious of cryptocurrency
  • Smart wealth platform Tanggram appoints Chief Product Officer and Head of Marketing
  • Lensell, the AI-based Corporate Performance Democratisation platform, has announced the integration of their flagship application, Diversiview, with the award-winning cloud investment portfolio tracking Solution, Sharesight

FinTech Australia launches free, comprehensive investor map for sector

FinTech Australia has released a free new map for fintechs detailing investors in the Australian fintech sector. 

The map showcases investors from across the country, featuring a variety of funders including venture capitalists, angel funds, corporate investors, crowdfunders and incubators.

The map is free to sign up for investors and also breaks down the type of funding each group provides. For instance, it can narrow down if a VC firm only invests in Series A rounds.

“Mapping major funders is a job many founders would do themselves when looking for funding. We’ve essentially taken this work off of time-poor early stage founders, and created a valuable resource for the industry in the process,” Simone Joyce, Chair of FinTech Australia said. “The number of fintech funders in Australia has grown substantially in the past few years. There are now more options for funding than ever before, and it’s set to continue growing. We aim to keep this resource curated and as up to date as possible to ensure it remains valuable for the sector.”

“While we have tried to be comprehensive, we also understand that we may have missed some funders within the ecosystem. As a result, we’ve made it easy to register your fund to ensure that you are part of this resource.”

The map is free to use, and can be accessed by all members of the fintech and startup community. 

Investors can apply to be added to the map through logging in and registering their details on the website (https://investors.fintechaustralia.org.au/).

The launch builds on FinTech Australia’s goal to provide more open resources for the fintech industry. It follows September’s launch of the regulatory map for early stage startups and overseas companies expanding into Australia. 


Media contact
Harrison Polites
harrison@themediaaccelerator.com.au
0409 623 618


About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Startup community. Our vision is to make Australia the leading market for FinTech Innovation and Investment by working with both sides of Government, Industry and the Australian FinTech community to create a supportive environment and partner ecosystem in Australia and abroad.

FinTech Voice November 04

Post the departure of our CEO last week, we continue our momentum of success with more announcements, submissions, partnerships and initiatives to support the growth of the industry. We have achieved so much under changing industry trends and we will continue to do so with your support and engagement.

Our policy work has quickly picked up with several new consultations coming in, including the ACCC‘s draft information security self-assessment formASIC‘s final review of the ePayments Code following on from CP341 last year, and the Attorney-General’s follow-up review of the Privacy Act. We are working with our members on these submissions.

Our Bridging the Australia-UK FinTech Landscape event and our webinar with ASX focussed on Distributed ledger technology (DLT) as a Service were a big success. Videos now up on our youtube channels. Visit our events page for updates on more events planned!

The Singapore Fintech Festival is on 11 November, 2021. Sydney is proud to be a host city for the World FinTech Festival. Our community get to attend the event for free. Simply click on the link to redeem your complimentary pass.

We have also partnered with FINTECH21a two-day, two-stream program on Blockchain & Crypto and Fintech Trends as part of SmallBizWeekBook your tickets for Australia’s largest fintech event of 2022 – 23-24 March 2022. Also, reach out to us for speaking and exhibition opportunities.

If you have any feedback or require any support, the team is always available.

Finally, we welcome our growing member base with new members – BETACARBON PTY LTD, FLY WALLET PTY LTD and APPLYPAY.

Regards,

Rehan D’Almeida
Head of Partnerships and Marketing
FinTech Australia

Consumer Data Right – IT Self Assessment form

Version 3 of the CDR rules introduces new ways businesses can participate in the CDR and includes sponsored accreditation. We are seeking member feedback for this review.

ePayments Code Review

ASIC has released a final follow-up on its ePayments Code (Code) review.

We are planning to make a submission in response to ASIC’s final consultation and we are currently seeking member feedback for this review

Privacy Act

As part of our review of the Privacy Act 1988, we are seeking member feedback for this review.

Mobile Payment and Digital Wallet Financial Services Report

FinTech Australia is pleased to announce that the Parliamentary Joint Committee on Corporations and Financial Services released its report recently

ASIC’s response to CP 343

FinTech Australia is pleased to announce that ASIC has released Report 705 in response to its Consultation Paper 343 on “Crypto-assets as underlying assets for ETPs and other products”, which FinTech Australia submitted in response to in August 2021.

AUSTRAC’s statement on de-banking

AUSTRAC released their statement on de-banking – FinTech Australia is pleased to note that AUSTRAC has reaffirmed their commitment to financial inclusion and has reinforced the importance of reviewing ML/TF concerns on a case-by-case basis.

AUSTRAC has encouraged banks to work with fintechs to implement measures to reduce ML/TF risks. We hope that AUSTRAC’s stance on de-banking will assist in promoting meaningful engagement between fintechs and banks and also reduce the potential for fintechs to be indiscriminately de-banked.

Read more here

💲 FinTech Australia is partnering with FINTECH21a two-day, two-stream program on Blockchain & Crypto and Fintech Trends. Book your tickets for Australia’s largest fintech event of 2022 – 23-24 March 2022. Also, reach out to us for speaking and exhibiting opportunities.

🇲🇽 Join the OpenFinance Summit 2020, a 4-day congress in Latin America that brings together the Fintech industry – 16-19 Nov 2021. Want to also feature as a speaker in this event? Visit here to fill in your details and know more about the Summit.

🤝🏻 Australia India Chamber of Commerce (AICC) are hosting an upcoming workshop on Cyber Security with Global VictoriaMinterEllison, the Bombay Chamber of Commerce and Industry and the Madras Chamber of Commerce & Industry to bring together key stakeholders and connect like-minded organisations while delivering commercial outcomes for both Victoria and India. Contact the National Office and join now.

👩🏻‍🎓 The demand for digital skills is growing, and the Victorian Government’s new Digital Jobs program is helping build Victoria’s digital workforce to help businesses thrive. Over the next three years, mid-career Victorians will complete a six-month program that includes 12 weeks of industry-backed training followed by 12 weeks in a paid digital job with a Victorian business. Some of the state’s top employers will host candidates, including ANZ, Carsales, Zendesk, Amazon and MYOB.
If you are searching for great people with digital skills, learn more and apply now

🇮🇳 Fintech OI is offering a 3-month virtual program – The India FinTech Market Access Program which will focus on possibilities of developing an India strategy for your FinTech venture, with the help of local experts. Learn more about the program and apply today!

🇸🇬 Singapore FinTech Festival (SFF) 2021 is hosting a hybrid conference and exhibition from 8 – 12 Nov 2021. With Web 3.0 as this year’s theme, there will be global experts to discuss how Web 3.0 and key technological advances will power the future of financial services. Visit SFF 2021, for more info and register today!.

💻 Tremenos is hosting a SCALE event dedicated to developers and enterprise software professionals working in the fintech space. A two-day event of high-quality content, including technical and customer presentations, product roadmap sessions, demonstrations, and plenty of opportunities to talk with the experts – 16 and 17 Nov 2021. Learn more about the event and register.

🛒 Join Riskified in the celebration of their new office launch in Melbourne and a webinar on how you can mitigate fraud and grow your eCommerce revenue – Nov 10, 5:30 PM AEDT. For more info, visit

🚀 Launch Academy are hosting a live pitch event. Six hand-selected companies exclusive to Launch’s programs will virtually present a 90-second pitch in front of Launch.VC’s community of 1,000+ founders, investors and industry experts. Join LIVE for free from anywhere in the world on November 17 – Register here

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

  • KOBA Insurance, Australia’s first real-time kilometre-based car insurer is revolutionising car insurance with pay-per-kilometre policies – flipping existing policies by placing the consumer in control of their car insurance costs.
  • Cirralto, Fresh Supply and Chinese importer, James Tyler partnered to accelerate fresh-produce trade relationships between Australia and China via cross-border BNPL finance agreements
  • Open and WeMoney have partnered for powerful and simple insurance wherein, WeMoney members can purchase car, home and contents insurance directly in-app through the Huddle widget, Open’s ready-to-go insurance solution.
  • Spenda’s Buy-Now, Pay-Later (BNPL) functionality has launched into Whola’s marketplace – enabled by partnership with Mastercard
  • CreditorWatch recently announced the formation of its board of directors as part of its next growth phase
  • Envestnet | Yodlee is now an Authorized Active Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR).
  • Openpay partners with Till Payments to offer the flexibility of buy-now-pay-later (BNPL) to more consumers and merchants across Australia and New Zealand.
  • GetCapital rebranded as Shift, a provider of credit and payment platforms to help businesses easily trade, pay and access funds.
  • CreditorWatch recently announced the appointment of Neill Borg as Head of Enterprise to lead the credit bureau’s enterprise accounts team targeting banking, telco, utilities, insurance, and finance clients
  • Bizcap now expands into New Zealand with the launch of Bizcap New Zealand to help businesses flourish and grow in the NZ market.
  • 1receipt is now a finalist in the 2021 Melbourne Awards.

Five Fintechs on Friday 05 November

The new edition of the five fintechs on Friday is here!


But first, news from the industry…

Partnerships and Collaborations!

Cirralto, Fresh Supply and Chinese importer, James Tyler partnered to accelerate fresh-produce trade relationships between Australia and China via cross-border BNPL finance agreements. Open announced its partnership with WeMoney for powerful and simple insurance wherein, WeMoney members can purchase car, home and contents insurance directly in-app through the Huddle widget, Open’s ready-to-go insurance solution. Openpay partners with Till Payments to offer the flexibility of BNPL to more consumers and merchants across Australia and New Zealand.

Further, Envestnet | Yodlee is now an Authorized Active Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR) and CreditorWatch recently announced the formation of its board of directors as part of its next growth phase

The Singapore Fintech Festival is on 11 November, 2021. Sydney is proud to be a host city for the World FinTech Festival. Our community get to attend the event for free. Simply click on the link to redeem your complimentary pass.

We have also partnered with FINTECH21, a two-day, two-stream program on Blockchain & Crypto and Fintech Trends as part of SmallBizWeek. Book your tickets for Australia’s largest fintech event of 2022 – 23-24 March 2022. Reach out to us for speaking and exhibition opportunities. Also get a 15% discount to attend! Use Code FAU15.

Below are five fintechs to know about this fortnight!

 

Riskified
Riskified empowers businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless. Riskified has built a next-generation eCommerce risk management platform that allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits from a global merchant network, Riskified’s platform identifies the individual behind each online interaction, helping merchants—Riskified’s customers—eliminate risk and uncertainty from their business. Riskified drives higher sales and reduces fraud and other operating costs for its merchants and strives to provide superior consumer experiences, as compared to its merchants’ performance prior to onboarding Riskified.
 

 

MyBond

MyBond is financial service that helps tenants pay their rental bond. Since March 2021, MyBond has helped over 500 customers across New South Wales, Victoria, and soon Queensland (as of 1st of November) with further expansion across other states and territories in the coming year. There is no other product similar of its kind in the market. A simple and straightforward fee of “One Week Only”; MyBond can pay a tenants’ entire bond for a fee of just one week’s rent. In an expensive city like Sydney, it’s a natural barrier for tenants from all walks of life to raise another four weeks rent alongside the cost of moving whilst still waiting for their previous rental bond to be refunded. Thus, MyBond’s unique service is becoming a popular alternative and solution to paying rental bonds.

 

 

EpisodeSix

EpisodeSix gives banks, fintechs and brands the freedom to design and bring digital payment propositions to market with unmatched speed and across any asset class. The E6 platform, Tritium, is the industry’s most flexible and extensible, leading the industry in product configurability. E6 is partnering with banks and fintechs in Australia, including newly launched Karta.

Fintech industry trailblazer Daryn Griggs is Episode Six’s Brisbane-based Managing Director for Asia Pacific. E6 is propelling payment technology to the next generation, removing the constraints of legacy technology and powering new digital payment propositions for traditional and challenger banks as well as fintechs globally.

 

 

Fresh Equities
Fresh Equities provides simple access to listed capital raises for sophisticated investors and institutions. They are all about driving up participation in the listed market by reducing friction and helping more investors discover and back high growth companies. Investors on Fresh have generated over $500m of demand for the 1,000+ capital raises that have been on platform since launching in late 2018. For listed companies looking to raise capital, they provide a platform that allows them to capture all of the demand they have cultivated in the market with the insights to price and allocate successfully.
 

 

NETSOL Technologies
NETSOL Technologies is a leader in providing innovative IT solutions to the global asset finance and leasing industry. Since its inception, NETSOL has enabled bluechip organisations and Fortune 500 companies in finding their competitive edge and streamline their operations. The company’s suite of applications is backed by four decades of domain expertise. It is supported by a team of over 1300 professionals placed in eight strategically located support and delivery centres worldwide. Our end-to-end product solutions have been powering retail and wholesale finance and leasing operations along with a full suite of digital products for more than 200 global partners.

Check out our previous issues here

Letter from the CEO, FInTech Australia

Earlier this year, I found myself rethinking a phrase I wrote in an opinion piece for The Australian. I described us as “a fintech ecosystem”, a label that we’ve used for such a long time that it almost feels ingrained. But upon reflection, that title no longer fits. We’ve evolved beyond that phrase. While it is a catch-all term, in the startup world it implies something that is intricate, niche and needs to be nurtured. As a sector, we now operate more like an industry. We contribute to the economy, create jobs and an overall brighter future for Australia.

It’s in this period of monumental change within the fintech industry that I  leave as CEO and start my next challenge. I leave FinTech Australia in a position of strength, with a record membership base and the capabilities to continue to drive the sector’s growth. That is all thanks to our members who have stuck with us and continue to work with us and have driven our growth.

We have achieved so much together. FinTech Australia is in near constant communication with all levels of government, due to our ability to surface member’s concerns and act as a single consolidated voice for the industry. This has allowed us to play a meaningful role in shaping key policy points for all emerging companies, such as influencing the distribution and criteria for R&D tax incentives and Job Keeper.

Thanks to your input, the Consumer Data Right has gone from being a theory to a reality. Even now, we’re on the cusp of seeing new innovative services rolled out to market. We’re currently working with government on championing the next iteration of rules including action initiation.

Intersekt, our flagship event, rivals some of the world’s largest fintech events in terms of attendance. Finally, the Finnies have gone from strength to strength. Not only are we seeing more entries each year, but for the first time four women leaders in the sector won all of the major prizes and we introduced a Hall of Fame. These are incredible milestones for the sector, one that I am personally proud of.

There is so much more to look forward to as well. As COVID-19 eases, we will be ramping up our Roundtable program, to help members discuss key industry issues. Also, our new podcast is up and running, creating yet another platform for members to tell their stories. That builds on our revamped content offering and the launch of a fintech TV segment on AusBiz earlier this year. We will also launch an interactive ecosystem map, to go alongside our VC map and the Regulatory Map that we launched recently.

These are all big ticket items that really define our progress as a peak body. However, some of the more memorable moments of my time as CEO came from meeting members personally, learning about their businesses and finding ways to help. I held an open door policy as CEO, and it greatly broadened my understanding of the sector.

I would not be able to do my job without the support of my team RehanLisaStuArtAkshaya and Harrison. They are the engine behind our success, and will continue to steer the ship in my stead. I also want to thank our Chair Simone Joyce, Deputy Chair Alan Tsen and the FinTech Australia board who have offered me so much guidance and support over the past three and half years.

I wish my successor all the best in running FinTech Australia and taking the organisation to new heights. And while this is farewell, it’s not goodbye. I am sure I will be in touch with many of you in my new role and I will see some of you at our events later in the year. If you would like to stay in touch my personal email is rebeccaschot.guppy@gmail.com.

Your sincerely,
Rebecca Schot-Guppy
CEO, FinTech Australia

Five Fintechs On Friday October 22, 2021

The new edition of the five fintechs on Friday is here!

But first, news from the industry…

Partnerships and Collaborations!
TransUnion, announced its investment in UK-based fintech Monevo to deliver highly personalised credit offers to consumers via comparison websites and other third parties. Envestnet | Yodlee recently collaborated with Intuit QuickBooks to provide Financial Data Connections to millions of small businesses. DiviPay and Slyp, two fintechs sparking change across Australia’s financial landscape have a partnered nationally to allow businesses to capture tax-compliant receipt information in real-time

Fund raising!
Global Processing Services (GPS) raises over US$300 million to accelerate technology development and global growth. Cirralto recently released a major software upgrade involving a strategic investment of $1.1m to unlock multiple competitive advantages to the Spenda system

Lastly, we are excited to host an upcoming event with Austrade, this time focusing on Bridging the Australia-UK FinTech Landscape. Join the discussion with key industry leaders on October 28 (7 PM AEDT).

Below are five fintechs we shortlisted for this fortnight


Tiiik

Tiiik is a blockchain company on a mission to bring decentralised finance (DeFi) to everyday people. They are solving the problem of earning interest on your savings by simplifying access to DeFi products. The technical barriers of entry are removed with a regulated one-click gateway from your bank account to your DeFi digital wallet – where you can save, spend and earn on the same balance. The first stage of the tiiik journey is underway with approval for wholesale investors, and plans to launch for retail investors by the end of 2022.


Illion

Illion Open Data Solutions provides bank data aggregation and analytics services to some of Australia and New Zealand’s largest banks, lenders, broker groups and fintech companies. Providing easy access to Open Banking, illion is one of the first CDR-accredited companies, recently being granted ‘active’ status on the registrar. The company recently launched illion Transaction Risk Score (iTRS), a first-of-its-kind product which offers a highly predictive risk model derived from consumers’ banking transaction data. This is one of many new innovations you can expect to see from illion. You can learn more about illion’s products by contacting Tom Dolman at tom.dolman@illion.com.au.


FreightSafe

FreightSafe is Australia’s largest third party claims managers to the Transport and Logistics industry. Managing tens of thousands of claims each year, FreightSafe partners with insurers to manage their high volume goods in transit books or directly with transport providers to provide under excess claims management. As a result of the explosion in online retail freight volume, FreightSafe has seen enormous growth over the past 2 years and its team is now in excess of 50 people and growing. If you’d like to chat about potential solutions, reach out to the FreightSafe team at hello@freightsafe.com.au


Till Payments

Till is the fast-moving, Aussie-born, global fintech disruptor opening a world of possibilities for businesses seeking simple, seamless, all-in-one payments. Founded in 2012, their team of 100 staff is rapidly growing and headquartered in Australia, with teams in London, Manila and across the US. They have recently secured $110 million of funding in a Series C capital raise, which will be used to accelerate the development of new paytech innovations and boost our expansion into new markets, including the US, the UK and Europe. Till takes the complexity out of getting paid with single-source solutions that ensure merchants can accept any payment wherever and whenever their customers shop, be it online, in-store, or a combination of both.


Koba Insurance

KOBA is pioneering Australia’s first real-time kilometre based car insurance. Customers pay an upfront cost to cover their vehicle while parked and a few cents per km you drive. This works through a KOBA Rider – a matchbox-sized device that attaches to the car’s OBD port and communicates with a smartphone app to record when the vehicle is driving. In real-time, the app measures the km you drive and charges you for the insurance you use. Future features will include digital mechanic health checks, a find my car locator and automatic collision detection to dispatch 000. KOBA launches in November. Pre-register today to join the smart car revolution.


Check out our previous issues here!

FinTech Voice October 21

Thank you to all who attended the Finnie Awards 2021 evening last week. The strength of the industry is really shown with the growing, highly engaged community. If you missed the awards, here’s the highlights playlist on Youtube.

As you may already know, this is my last FinTech Voice newsletter to you as CEO of FinTech Australia. It has been an absolute privilege and pleasure to be part of this industry body. Until the next CEO joins the team, Rehan D’Almeida, Head of Partnerships and Marketing, will continue sharing updates about the industry. If you have any feedback or require any support, the team is always available.

We hope our EY FinTech Australia Census 2021 webcast yesterday was insightful. The detailed report can be found here.

We are also excited to announce our upcoming event with Austrade, this time focusing on Bridging the Australia-UK FinTech Landscape. Join the discussion with key industry leaders on 28 Oct.

We’re also hosting a DLT as a Service webinar in association with ASX along with our members DigitalX and Boulevard Global. Learn more about ASX’s new DLT technology and how it works – 28 OctRegister here

Our new FinTech Australia podcast series launched last week is now live! In case you missed it earlier, do check out the first episode here, with more to come every week. The podcast will cover the industry landscape in Australia – challenges, opportunities and some big stories from our community.

Finally, we also welcome our growing member base with new members – Digitalx Limited, KGI Hong Kong Limited, Luz Financial Solutions, Migain and Netsol Technologies Australia.

Regards,

Signing off for the last time

Rebecca Schot-Guppy
CEO
FinTech Australia

EY FinTech Australia Census

EY, FinTech Australia and Austrade hosted a special webcast yesterday – October 20 discussing the outcomes of the EY FinTech Australia Census 2021.

For a detailed reports and more insights on the census, click here!

InsurTech Whitepaper

We are continuing to work closely with our Insurtech policy working group and policy partners towards completing our whitepaper

Digital ID Consultation

We are collecting member feedback

For further information on the consultation, click here.

👩🏻‍🎓 For those who missed out on the first round, Victoria Government has announced its Digital Jobs Program Round Two starting from January 2022 – High quality digital internship program hosted by leading Victorian Businesses. Join the industry briefing session on 28 October 2021 and found out more. Register here

🇮🇳 Fintech OI is offering a 3-month virtual program – The India FinTech Market Access Program which will focus on possibilities of developing an India strategy for your FinTech venture, with the help of local experts. To learn more about the program

🗞️ NSW Going Global Export Program 2021-2022 is now open for applicants. Through this free engagement program, NSW Government will provide knowledge, expertise, and support to expand your business to the right customer in the right global markets. Enroll today! – Link here

₿ Join the virtual panel discussion on DLT as a Service hosted by FinTech Australia in association with ASX, Fintech Australia members DigitalX and Boulevard Global. Learn more about ASX’s new DLT technology and how it works – 28 OctRegister here and join the insightful session

🛒 Join Riskified in the celebration of their new office launch in Melbourne and a webinar on how you can mitigate fraud and grow your eCommerce revenue – Nov 10, 5:30 PM AEDT. For more info, visit here

🇬🇧 FinTech Australia and Austrade are presenting a webinar on UK Fintech opportunities – Join the panel on 28th October. This session will highlight the UK’s market regulations, trends and opportunities as it relates to fintech exporters. Register here

💰 Join the special edition of the Fintech Pitch Contest and Angels Night x Spark Festival hosted by Startup&Angels on 28 October – 4 PM – 5:30 PM AEDT. The event will feature four fintech startups founders who will be pitching and sharing their startup journeys. Book your spot today!

🇻🇳 Vietnam is poised to emerge as one of Southeast Asia’s most competitive fintech markets. Join the Fintech in Vietnam Launch event to get an overview of the Vietnamese Fintech landscape and some of the growth opportunities for Australian Fintech companies – 27 Oct – For more info and registration, visit here

🚀 Launch Academy are hosting a live pitch event. Six hand-selected companies exclusive to Launch’s programs will virtually present a 90-second pitch in front of Launch.VC’s community of 1,000+ founders, investors and industry experts. Join LIVE for free from anywhere in the world on November 17 – Register here

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

  • TransUnion, a global insights and information company, recently announced its investment in UK-based fintech Monevo – a personal credit platform and API empowering lenders to deliver highly personalised credit offers to consumers via comparison websites and other third parties.
  • LAB Group, recently partnered with one of Australia’s preeminent investment and wealth management firms Shaw and Partners to enhance the organisation’s client onboarding experience.
  • To allow businesses to capture tax-compliant receipt information in real-time, without the waste, DiviPay and Slyp, two fintechs sparking change across Australia’s financial landscape have a partnered nationally. Will further integrate.
  • Following the commercial release of the Spenda Payment Suite in May 2021, this week Cirralto released a major software upgrade involving a strategic investment of $1.1m to unlock multiple competitive advantages to the Spenda system.
  • Adatree has launched its COVID Hotspot Alert, an innovative new service using the power of CDR to keep Australians safe during the pandemic by leveraging a user’s card purchase data and matching with COVID Hotspot locations released by the Government.
  • Databricks, the Data and AI company, has become a gold partner in FinTech Australia’s corporate partnership program – joining other major technology companies such as Facebook, Google, Amazon Web Services (AWS) and Xero.
  • Frollo has released the second edition of its Open Banking API performance monitor. Data from the Fintech shows 98.9% of API calls are successful and data is returned in 0.84 seconds on average.
  • Mambu, the market leading cloud-native SaaS banking platform, combined with Rich Data Corporation’s (RDC) cutting edge AI-powered decisioning SaaS platform, is set to enable innovative credit solutions in the local financial services sector.
  • Envestnet | Yodlee recently collaborated with Intuit QuickBooks to provide Financial Data Connections to millions of small businesses wherein Intuit will integrate Yodlee’s data aggregation capabilities into its accounting software, enabling customers to view all their finances in one place.
  • Global Processing Services (GPS) raises over US$300 million to accelerate technology development and global growth.
  • Award-winning aggregator, Loan Market, selected GBST’s Equate solution to provide a suite of lending calculators to its network of more than 1500 mortgage brokerages across Australia and New Zealand.
  • Payble aims to combat ‘Bill Shock’ as COVID-19 financial hardships decimate Australian households empowering Australians to use a smart app, reducing ‘billing stress’ and helping consumers to proactively co-ordinate and appropriately manage payments without the high cost.
  • MyBond appoints Patrick John Esangga as Head of Marketing.
  • Monochrome Asset Management has announced the launch of Monochrome Research, an independent research division providing investment-grade insights, FPA-accredited education and expert-led research to assist investors in navigating the digital asset industry.

 

Australian fintech sector creating jobs and raising capital, with sights set on overseas markets

Australia’s fintech ecosystem has been a standout hero throughout the COVID-19 pandemic, with record investor capital raised, new job creation and an increasing number of fintechs preparing for international expansion, according to the new EY FinTech Australia Census 2021 (“Census”). 

A collaboration between Ernst & Young Australia, and FinTech Australia, and co-funded by Austrade, this year’s Census shows a dramatic increase in the proportion of fintechs whose capital raising expectations were either met or exceeded (82% in 2021 compared to 57% in 2020), with lower reliance on founder funding and higher amounts raised. 

Key findings from the 2021 EY FinTech Australia Census

Easing of funding concerns and signs of maturity

  • Australian fintech deals and capital raisings are now rating on a global scale, with 44% of companies having raised over $10 million to date and 14% having raised over $100 million.
  • 88% of Australian fintechs three years or older and 81% of fintechs two years or older are now post-revenue, another promising sign of the continuing maturity and growth of the local sector.
  • The negative impact of the COVID-19 pandemic on fintech capital raising has significantly decreased, from 72% in 2020 down to just 49% this year.
  • However, more than half (57%) of survey respondents who have tried to raise capital said they are still struggling to find the right investors.

Further evidence of global growth:

  • 72% of fintechs plan on entering or expanding into an overseas market within three years, and 60% plan to do so in the next 12 months.
  • 41% of post-revenue fintechs report having more than 500 customers.
  • The sector has continued to create new jobs during the pandemic, with 67% of fintechs having more than 10 employees (up from 59% in 2020) and 21 full-time employees the new median (up from 10 in 2020).
  • Four in five survey respondents (80%) say Australian fintechs are now internationally competitive, versus 64% who thought the same in 2019.
  • In the last 12 months, 88% of fintechs that are generating revenue overseas have created new jobs as a result.

Need for additional government support and talent concerns

  • Two in three (66%) fintechs say they are finding it more challenging to attract qualified or suitable talent in Australia and 78% want easier access to skilled migration visas.
  • In line with previous years, of those experiencing challenges attracting suitable talent, talent with engineering and software skills is proving the most difficult for fintechs to attract (62%), followed by product management (31%) and data engineering/data science (30%).
  • Only one in eight (12%) fintechs have received an Export Market Development Grant in the past, and a further 15% are planning to apply for the grant.
  • 42% of fintechs have successfully applied for the R&D Tax Incentive (RDTI), while 11% are in the process of applying. 78% say access to the RDTI influences their decision to undertake R&D in Australia. 80% say making the RDTI more accessible would help improve the sustainability and growth of their business.
  • New Zealand, which has recently doubled down on its R&D incentives, has jumped to the top of the list of Australian fintechs’ preferred markets for international expansion for the first time ever.
  • 39% of Australian fintechs surveyed believe that changes to Early Stage Innovation Company (ESIC) and/or Early Stage Venture Capital Limited Partnership (EVCLP) policy settings and tax incentives would allow greater capital flow into the sector.

May Lam, EY Oceania fintech leader and EY Asia-Pacific payments leader said: “The value of the Australian fintech sector as a national export has never been clearer, so it was exciting to find that 72% of fintechs plan on entering or expanding in an overseas market within the next three years and 60% have plans to do so within the next year.” 

“There’s no doubt that in the post-pandemic rebound race, skilled visa programs and employee retention schemes would help Australian fintechs to grow and attract new talent. But there are other issues around diversity and inclusion that will also need to be addressed for the sector to remain attractive in an increasingly competitive talent environment.”

“To maintain Australia’s status as a rising star on the global fintech stage, and to keep the country’s innovation and talent onshore, we must build meaningful and globally competitive growth pathways for Australia’s startup sector. Increased certainty around incentives, better coordinated collaboration and strong moves to drive industry diversity will all help us build a world-class fintech export market and attract the best international tech companies to Australia.”

Rebecca Schot-Guppy, FinTech Australia CEO added: “Fintechs also have a vital role to play in helping rebuild our economy as we move to the next stage of pandemic recovery, not just through job creation and innovation, but in supporting SMEs with digital finance solutions and faster access to payments. The COVID-19 pandemic has accelerated the need for companies to embrace digital models and driven consumers’ relationships with their finances online, accelerating fintech innovation. Today, every consumer-facing business needs a digital payment capability, and this has created an increase in the addressable market for fintechs.”

“Other recent market changes, such as open banking, are positively impacting the sector. While only 7% of fintechs surveyed are already Accredited Data Recipients (ADRs), a further 25% intend to follow suit, with more planning to connect via an intermediary. This will support greater industry convergence and more collaboration with established financial services institutions, big techs, retailers and other non-traditional players.”

“It was also encouraging to see the improvement in gender diversity among fintechs overall in this year’s Census, with 35% of all employees now female (up from 29% in 2020). Importantly, the Census also found that 26% of leadership positions are now occupied by women. These are positive results, but we still have work to do as a sector to foster even greater diversity and build a truly inclusive sector. Almost a third of survey respondents could not provide an estimate of their diversity profile but, those who could reported an average of 25% of employees from a culturally and linguistically diverse (CALD) background. To drive innovation, we need to continue to build and amplify a supportive ecosystem that encourages participation from a diverse talent pool.”

Malia Forner, EY Private Oceania start-up and entrepreneurship leader said: “Australia has long supported programs targeting private capital and innovation investment by businesses, their founders and investors through specific tax incentives. Now is a pivotal time to support structural modernisation of our economy and to grow our nation’s investment into innovation, through leading business and investor incentives that help to attract talent, innovation and capital.”

“With digitalisation greatly accelerated by the COVID-19 pandemic, geographic constraints have been largely removed. The sector is aware of other markets in the region, like Singapore and New Zealand, where launchpads for start-ups are focused on overtly attracting more innovation and jobs. In fact, around two-thirds of Australian fintechs considering expanding internationally said help understanding the regulatory environment (69%) and government support and funding to expand overseas (61%) are the main types of support they would value. Additionally, almost three-quarters (72%) of Australian fintechs surveyed strongly supporting increased access and grant assistance to a greater diversity of overseas launchpads.”

“Local entrepreneur and investor confidence hinges on maintaining stable, globally competitive regulatory, tax and incentive frameworks, where the sector has greater certainty over administration and access. In the wake of the COVID-19 pandemic, the Government has introduced a range of incentives, stimulus and cash grants to help sustain and attract investment, innovation and jobs. But beyond the pandemic crisis period, we need policies and programs consistent with their intent to support founders, innovation and encourage further private capital investment for jobs growth.”

Read more about the EY FinTech Australia Census 2021 report at: ey.com/FintechAust2021.


About the EY FinTech Australia Census 2021

This year’s Census is based on an online survey of 145 fintechs across Australia, as well as a series of qualitative interviews with fintech leaders and the leaders of innovation functions within major Australian financial services organisations, conducted between July and August 2021.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. 

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. 

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young Australia, a member firm of Ernst & Young Global Limited.

Liability limited by a scheme approved under Professional Standards Legislation.

The FinTech Australia Podcast is here!

Our new podcast is here!

We’re excited to launch our new podcast! The FinTech Australia Podcast will be a deep dive focusing on the challenges, opportunities and big stories our community faces across the fintech industry in Australia. This podcast is a joint venture with Startupbootcamp.

We are launching the podcast with two initial episodes which will cover two of our biggest initiatives this month – the Finnie Award winners and the EY FinTech Australia Census.

Future episodes will be a mini series on key industry topics such as debanking, CDR, angel investing and many more…

These podcasts will highlight key industry issues while giving opportunities to members, partners and relevant industry guests such as regulators, ministers, Treasury and other important stakeholders based on the topics we cover.

We hope you enjoy the first two episodes and do share any feedback, suggestions or insights to the team.

Listen to the episodes here

Upcoming Events

There are no upcoming events at this time.

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