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

FinTech Australia Announces 2021 Finnies Award Winners

Women founders and executives from BrightePaypa Plane, Athena Home Loans and Adatree are among the biggest winners of the sixth annual FinTech Australia Finnie awards.

For the first time in the award’s history, women have taken out all of the top industry awards. Katherine McConnell, CEO and co-founder of Brighte, and Simone Joyce, CEO and founder Paypa Plane, jointly won the Outstanding Fintech Leader of the Year Award which for the first time has also been won by women.

Jill Berry, CEO and co-founder of Adatree was named Emerging Fintech Leader of the Year and Natalie Dinsdale, CMO of Athena Home Loans, was awarded Female Fintech Leader of the Year. Brighte also took home the Best Workplace Diversity Award.

In a departure from previous awards, fewer fintechs won multiple awards in 2021. Athena Home Loans took home a total of three awards — Excellence in Consumer Lending, Fintech Organisation of the Year and Female Fintech Leader of the Year. Onboarding and detection platform FrankieOne won two awards — Emerging Fintech Organisation of the Year and Excellence in RegTech.

In addition, Afterpay and Airwallex, long-running winners of the Finnies, were the inaugural inductees into the Finnies Hall of Fame recognising their sustained success.

This year marks the biggest Finnies awards to date. There were over 288 entries for a total of 23 awards, including two People’s Choice categories.

“The results of this year’s awards demonstrate the growth over the last 12 months and show just how far we have come as an industry,” FinTech Australia CEO Rebecca Schot-Guppy said.

“We have always had a Female Fintech Leader of the year award to meaningfully highlight and celebrate women in fintech. This year, women have taken out all of the top awards including outstanding fintech leader which has never been won by a woman. While there is more work to be done, it shows just how much headway the sector has made in terms of diversity in such a short period of time.

“I want to personally congratulate Katherine, Simone, Jill and Natalie for their achievements.. Their efforts hopefully send a message to other women out there in finance and technology, that the fintech sector supports career excellence and achievement.

“It’s also worth noting the greater spread of award recipients this year. Prior years have seen some companies take home multiple awards. This year has been more competitive than ever before, reflecting again the maturity of the industry.”

“This sets the scene for the sector reaching new heights in 2022, as we find new normal in a post-COVID world.”

Media contact

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

 

Fintech Australia 2021 Finnies Winners

Best Workplace Diversity — Sponsored by Tanggram
Brighte

Emerging Fintech Leader of the Year — Sponsored by GoCardless
Jill Berry, Adatree

Female Fintech Leader of the Year — Sponsored by SeedSpace
Natalie Dinsdale, Athena Home Loans

Outstanding Fintech Leader of the Year — Sponsored by BDO
Katherine McConnell, Brighte and Simone Joyce, Paypa Plane

Excellence in Establishing Market Presence Global — Sponsored by Austrade
Verrency

Excellence in Industry Collaboration & Partnerships — Sponsored by Xero
Fillr

Excellence in Business Lending — Sponsored by Creditor Watch
Prospa

Excellence in Consumer Lending — Sponsored by the Victorian Government
Athena Home Loans

Excellence in Payments (including Remittance/FX) — Sponsored by Paypa Plane
Zip

Excellence in Blockchain/Distributed Ledger — Sponsored by Swyftx
Meeco

Excellence in Crypto Digital Currencies/Wallets/Exchanges — Sponsored by Stone & Chalk
Swyftx

Excellence in Insurtech — Sponsored by IAG Firemark Ventures
Open Insurance

Excellence in Regtech — Sponsored by OneTrust
FrankieOne

Excellence in Wealth Management (including PFM and Robo) — Sponsored by  Ausiex
Stockspot

Excellence in Open Data — Sponsored by TrueLayer
Frollo

Excellence in Fintech Support Services — Sponsored by Data Action
Stone & Chalk

Emerging Fintech Organisation of the Year — Sponsored by Mastercard
FrankieOne

Fintech Organisation of the Year — Sponsored by Vocus
Athena Home Loans

Deal of the Year — Sponsored by YBF Ventures
Quadpay & Zip

Best Partnership of the Year — Sponsored by Firstmac
Valiant Finance and Australia Post

Hall of Fame
Afterpay and Airwallex

People’s Choice – Organisation of the Year — Sponsored by Tier One People
Up

People’s Choice – Emerging Fintech — Sponsored by Tier One People
WeMoney

Member exclusive tickets to Finnies 2021 awards night!

We are so excited to have you join in celebrating the success of the industry, albeit, virtually. This is your excuse to pop that bottle of bubbles that you’ve been saving for a special occasion! The high calibre of applications and finalists only prove how strong the industry is and its growth over the last 12 months.

While you await the biggest night in Australian fintech, we wanted to share a short note from all our sponsors for supporting this years Finnie Awards. Please check out some exclusive offers and opportunities for the registrants.

Watch the livestream of the Finnies from the youtube link on the left. Click the bell icon to get notified.

In case you missed the calendar invitation, please use the below button to save to your google calendar. you can also save to your outlook calendar here.

Save to Google Calendar

Exclusive for registrants!

  • Grow your business in Victoria – The department of Jobs, Precincts and Regions in Victoria is dedicated to ensuring Victoria’s strong economic performance by partnering with industry to create more jobs and export opportunities, securing new investment and supporting innovation across Victoria. If your organisation, its members or its clients are considering new investment and export growth or are undertaking any new innovative projects, the department would welcome the opportunity to speak with you. Contact Kai Streicher, Senior Investment Manager, Business Investment and Engagement at DJPR for more information
  • Telecommunications solutions designed for Australian fintechs – Vocus’ offerings are purpose-built for business, giving you the control and security you need. Their network connects your people, products, and services led by solution design experts in financial services.
  • Swyftx is Australia’s fastest-growing and most trusted cryptocurrency exchange. The company supports retail and institutional customers to securely trade Bitcoin, Ethereum and 280+ other digital assets. It offers customers access to some of the lowest spreads on the market and industry-leading standards of customer support. Watch out for a special discount when watching

Advisory Support

  • Export your business – Australia is home to some of the world’s best and brightest fintechs with more than 40% already going global. If you have the capacity, capability and motivation to export, then now is the time to start looking at your export strategy and begin your export journey. To discover what brilliant international opportunities await your business with Austrade
  • If compliance requirements give you a headache, taking you away from your disruptive world beating fintech solution, then you need to talk to OneTrust. Their solutions start at a pre-built, follow the bouncing ball, for PCI-DSS, IOS27001, etc, up to a full-blown Privacy, Security, Risk, 3rd Party Management compliance platform.
  • With over 25 years of experience and the backing of a multinational trading technology powerhouse, AUSIEX is one of Australia’s leading wholesale brokers. From seamless trade execution and clearing to efficient reporting and customised equities administration tools, our goal is to help our clients grow their businesses with solutions that provide an edge.
  • Q2 is a leader in financial technologies providing lending origination and related solutions in Australia, New Zealand and other areas of Asia Pacific. Our expertise in cloud technologies brings innovative automation and workflow configurability to lending organisations in the region. Reach out for more information.
  • BDO is one of the world’s leading accountancy and advisory organisations. They provide the capability and depth of expertise of a large global practice, with the approachability and relationship-driven style you expect from a local firm.
  • Data Action enhances the banking experience of more than a million Australians via its core banking and digital platforms every day. With over 30 years’ experience, DA represents over $33 billion in client assets and is well-positioned to continue its extraordinary track record of success with continued market expansion.

Payments

  • Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
  • A global leader in account-to-account payments, GoCardless is making it easy to collect payments in 30 countries around the world via direct API integration or through one of our many ecosystem partners, including Xero, Salesforce Billing, Chargebee and Zuora. Over 65,000 businesses trust them to streamline their payments, from small startups to multinationals.
  • Truelayer, the Australian Open Banking Platform and a global open banking pioneer with local presence in Sydney, Melbourne and Auckland, will bring together the suite of proven APIs for data, verification and payments to harness the core functionality of the Consumer Data Right and deliver powerful open banking data.
  • Also, Paypa Plane is the bank-grade platform where traditional payments and new fast, real-time (like PayTo in Australia), crypto and data enriched scheduled/recurring payments work alongside each other.

Other Exciting Services

  • A world leader in innovative packaging and has become the go-to provider in the fintech space. With a highly creative and experienced collaborative team, Burgopak designs are brief. They focus on the ‘wow factor’ – providing an engaging unboxing experience, creating a higher perceived value of your product with clever cardboard engineering.
  • Tanggram is the First Smart Wealth Creating Platform in Australia. It is on the mission to turn everyone’s small dreams into big wealth. It integrates Smart Investments, Shopping Rewards, and Social Networking altogether to build a financial world in everyone’s pocket. By focusing on goal-based and AI-driven investment strategies, Tanggram helps independent-minded individuals to manage their wealth much easier.
  • Looking for investment? – For Early Stage – Seed Space Venture Capital supports founders and innovators to change the future of financial services.
  • For series A and above – IAG Firemark Ventures is IAG’s strategic corporate venture capital fund. They strategically partnering with and investing in startups that have the capacity to materially alter IAG’s business.
  • ASX is one of the world’s top ten exchanges. As a full-service exchange, offering trading, clearing, settlement, market insights, connectivity, and depository services across all major asset classes including equities, derivatives, ETFs, options, and managed funds. With a total market capitalisation of around $1.5 trillion, ASX is home to some of the world’s leading resource, finance, and technology companies. Our $47 trillion interest rate derivatives market is the largest in Asia and among the biggest in the world.
  • Xero is partnering with some of the world’s most innovative banks and fintechs to ensure its 2.7 million small business customers can access the financial services they need. These integrations offer businesses better visibility of their cash flow, greater access to capital and more time to focus on their operations. Reach out danielle.smith@xero.com to know more.
  • CreditorWatch is a commercial credit reporting bureau which holds the credit file of every entity in Australia and enables businesses of all sizes to access credit risk information on any entity in Australia (including sole traders, trusts and partnerships) to determine what sort of risk they represent to their business.
  • Coworking Spaces – Looking for a space where you get to rub shoulders (not literally #Covid) with amazing like-minded entrepreneurs? Check out YBF Ventures and Stone & Chalk.
  • Partner with Firstmac – Australia’s leading non-bank lender, Firstmac, has provided over 130,000 home and car loans and has raised over $28 billion in wholesale funding.
  • Looking for your next Executive? – Tier One People is the recommended executive search consultancy. If you don’t know Dexter Cousins yet, reach out to him! Or Check out the best podcast in fintech!

We look forward to celebrating the night with you.

FinTech Voice October 07: Sponsored By Signiflow

We’re in the last quarter of 2021 and we can’t wait to get to meet in person again!

Over the last fortnight, FinTech Australia held two important events – the roundtable with Minister Hume and the Fintech Megatrends Webinar with Amazon Web Services. We were delighted to have such a high level of engagement during the roundtable and record attendance for the Webinar.

We are excited to celebrate the success of fintech on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week

Save the date for the Finnies 2021!

Celebrate the night with your FinTech peers, virtually!

 

Following on from our recent submission in response to the Consumer Data Right version 3 of the rules consultation, the Government has finalised their amendments to the Consumer Data Right Rules (version 3 of the rules).

You may have also received a separate email day before yesterday inviting you to the 2021 edition of the EY FinTech Australia Census. We hope you can join us for the special webcast with EY, FinTech Australia and Austrade to hear, for the first time, the outcomes of the EY FinTech Australia Census 2021 on Wednesday, 20 October 2021.

If you are searching for great people with digital skills, join the Digital Jobs Program in association with Vic Gov’s Digital Jobs program:to bring new skills and new talent into your business. Businesses can host candidates through a 12-week internship arrangement (partially subsidised by VicGov) after candidates receive 12 weeks of free digital skills training through the program.

Finally, we also welcome our growing member base with new members – CODAT, Fincue, Quest Finance Australia and Canvas

Regards,

Rebecca Schot-Guppy
CEO
FinTech Australia

SigniFlow is an Advanced Electronic Signature (AES) provider that offers compliant alternative to wet-ink signatures. It can be deployed as a SaaS, on-premises or integrated into third party applications. All on premise deployments benefit from unlimited signatures or document workflows, which is unheard of. Unlike simple electronic signatures, SigniFlow embeds a signer’s digital ID (email address, mobile number, IP address, browser and geolocation) into the PDF using encryption. This ensures non-repudiation in a court of law.

Integrated with Australia Post’s Digital ID for KYC, SigniFlow can verify signer identity before documents are signed. eSign with total confidence, wherever you are. There’s no need to pay what our competitors charge.

InsureTech Whitepaper

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

Questions on Notice

We have submitted our responses to the Select Committee on Australia as a Technology and Financial Centre in relation to the questions we took on notice regarding cryptocurrency, de-banking and the ACCC’s proposed changes to the laws surrounding mergers & acquisitions.

A copy of our responses is available to read, here.

Digital ID

We are submitting on the Government’s latest Draft legislation release for the Australian Government Digital Identity System. We are collecting member feedback

Further information on the consultation is available here.

Consumer Data Right Rules

The Government released their CDR Rules version 3 update – available here.

👩🏻‍🎓 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

🗞️ 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

🏦 BDO Australia is hosting their free virtual masterclass series. In three, two-hour financial education sessions, they will help you understand your business’s numbers and plan for a sustainable future. Learn more about the masterclass here

📊 A panel discussion on How Consumer Data Right (CDR) payment initiation intersects with PayTo presented by New Payments Platform (NPP) on October 12Register here and join the panel

📱 Want to know more about how technology is playing a key role in delivering leading experiences through the different phases of the design process. Join the webinar on Technology Initiatives: Design & Discover the Right Solution with Jade World12 October – Register here

💲 Hear from the leading Business and Industry leaders at the online launch event, exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector. Register for Fintech in Vietnam Event Launch on 27 Oct – 3:00 PM – 4:30 PM AEDT

💰 Save the date for the Fintech Connect webinar hosted in collaboration with the Australian Trade & Investment Commission, the Canadian Trade Commission, and the New Zealand Trade and Enterprise. A webinar featuring local and international speakers in the fintech industry. Book your slots here

📊 Join the online launch event exploring Fintech in Vietnam and learn how Australian companies can be part of the emerging fintech sector with FinTech in Vietnam Event launch on 27 October. For more information and registration, visit here

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

  • Openpay supported by Australian Trade and Investment Commission (Austrade) has now launched its BNPL and B2B payments services in the United Kingdom and the United States.
  • The National Health and Medical Research Council (NHMRC) is now receiving e-invoices from suppliers to combat fraud and improve payment times – selecting Link4 as an Access Point provider
  • BTC Markets recently ran a survey with over 1,800 participants to find out more about what the average Australian cryptocurrency investor looks like.
  • IDEMIA, globally renowned for Augmented Identity and for their innovation in payment cards now provides a member exclusive metal card offer
  • Leading commercial credit reporting agency CreditorWatch recently launched its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.
  • Australian founded and headquartered payments disruptor, Till Payments (Till), has closed its Series C funding round, raising $110 million in private capital for global and local expansions.
  • GetCapital, a provider of credit and payment platforms to Australian businesses, recently joined the Tech Council of Australia.

Five Fintechs On Friday – October 08, 2021

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

But first, news from the industry…

Independent Reserve becomes first Australian cryptocurrency exchange licensed in Singapore. Some major partnership deals recently with Zip’s global partnership with all-in-one payments platform Adyen and Stake partners with fintech unicorn Airwallex. New launches! 1WordFlow launching the digital edition of Scott Farrell’s Payments System and TrueLayer launches its global Open Banking Platform in Australia!

Aussie fintech disruptor Till Payments raises $110 million in Series C funding round for global and local expansion.

Lastly, we have 5 days to go for the Finnies! We are excited to celebrate the success of the industry on October 13 (5:45 pm – 7:00 pm AEDT)Save the date and join us at the Finnies 2021 awards night next week.

Below are five fintechs we shortlisted for this fortnight

 

Taulia

Headquartered in San Francisco, Taulia is the leading fintech provider of working capital management solutions who believe in building a world in which every business thrives by liberating cash trapped in the supply chain. They help companies access value tied up in their payables, receivables, and inventory. Taulia also helps companies transition from inefficient and often manual working capital management practices into technology-led, working capital optimisation strategies where every party across the supply chain has the cash they need to thrive. Over 2 million businesses use Taulia’s platform to determine when they want to pay and be paid. Taulia processes more than $500 billion each year and is trusted by the world’s largest companies including Airbus, AstraZeneca and Nissan. They recently continued their development in Asia and have a strong presence in Australia and New Zealand.

Meeco

Pioneering since 2012, Meeco unlocks the power of consent-based personal data, giving organisations the tools to empower their customers to access, control and create mutual value from their personal data. Meeco offers FinTech, RegTech, LifeTech and KidTech solutions across, banking, telecommunications, government and health. Meeco’s technology is a Privacy and Security by Design, ISO certified suite of products: a decentralised wallet (incorporating identity, verifiable credentials along with micropayments and tokens), a key management store, a secure data enclave (vault) and a credential brokerage service. Meeco’s technology is decentralised on Hedera Hashgraph and a strategic Consumer Data Right enabler.

Precinct

While some in the community are ‘digital native’ and a growing number have fully migrated to digital banking channels, there remains a majority of the population that use physical banking channels either sometimes, most of the time, or all of the time. At Precinct, the purpose is to ensure sustainable access for that segment of the community, both businesses and consumers. This purpose is increasingly needed as bank branch networks continue to reduce. They are strongly supportive of the continuing advances of digital platforms and solutions, but we feel a strong obligation to ensure that we don’t leave people behind – those people are often the most vulnerable in the community. The team is building both a physical and digital infrastructure, with services from a number of fintechs as part of our architecture, to allow businesses and consumers to continue to bank physically with their bank if that is their preference or need.

Fundsquire

Fundsquire is a global source of capital that invests in innovative businesses in Australia, the UK and Canada – working closely with the customers to offer straightforward, personalised, non-dilutive funding through R&D tax credit loansgovernment grant funding and revenue based financing. Transitioning from a startup to a scaleup, their own journey motivates them to create unique solutions that empower businesses to take control of their funding timeline for accelerated growth. Over the past year, Fundsquire has doubled its investments in category-leading businesses. This rapid growth has been enabled by strategic expansion of team and operations along with technology platform development. Fundsquire also brings its customers an expansive network of partners and perks to enable seamless funding options for businesses at all stages of growth.

Global Processing Services

Global Processing Services (GPS) is the trusted and proven go-to payments processing partner for today’s leading challenger fintechs, including Revolut and Paidy. GPS has to-date issued over 170 million cards, enabled in over 48 countries, and last year processed over 1.3 billion transactions through its platform. Joanne Dewar, CEO of GPS, commented: “Agility is key to fintech success, and the winners will be those that learn how to collaborate with the best technology providers as true partners rather than suppliers. This collaborative approach that harnesses the collective experience is one of the real secrets to success, regardless of the size of the organisation.”

 

Check out our previous issues here!

FinTech Australia launches benchmark policy for industry paid parental leave

FinTech Australia has released an industry policy document offering guidance to fintechs on best practices for parental leave entitlements.

The policy document has been formed in consultation with leading fintechs on their policies, and has been made publicly available to provide a guideline for best practices across the industry.

“This is the first document of its kind to be produced by a peak body in Australia’s startup ecosystem. With the fintech industry growing at a rapid pace, we felt it was crucial to create a benchmark for early-stage companies to plan towards when hiring talent and scaling their business,” FinTech Australia CEO Rebecca Schot Guppy said. 

“We also want to give talent joining the fintech ecosystem certainty that there are standards in place and dispel the idea that earlier stage companies can’t offer secure work and reasonable entitlements to their employees.”

The policy says employers should offer 12 week paid parental leave at full pay, including superannuation. Partners are entitled to two weeks parental leave at full pay. 

In addition, the policy says employers should allow for 12 months unpaid carers leave without breaking employment following birth. Partners are entitled to eight weeks unpaid leave, and up to 12 months in total between partners if they are working with their partner in the same business.

The policy also says employers should provide employees with a $2000 return to work bonus for new parents. Employees that go through an unfortunate birth complication such as a miscarrage and stillbirth are also entitled to paid personal leave.

More details and the policy can be found on FinTech Australia’s website.


Media contact
Harrison Polites
harrison@themediaaccelerator.com.au

0409 623 618

REA’s PropTrack joins FinTech Australia’s partnership program

REA Group’s data business PropTrack has joined FinTech Australia’s ecosystem partnership program, becoming the 14th major partner the peak body has signed in a year.

The program embeds companies within the fintech ecosystem and assists in the fostering of relationships with the fintech industry’s key players.

PropTrack is a property data and valuations business servicing customers including Australia’s major banks with trusted property data analytics and insights, customised data platforms and an Automated Valuation Model (AVM).

Other companies involved in the program include: Xero, the Sydney Stock Exchange, Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank, RSM Australia and the Newcastle Permanent Building Society.

“This is an exciting partnership for FinTech Australia, as we’ve always seen a key link between the property sector and the fintech industry,” FinTech Australia CEO Rebecca Schot Guppy said.

“Property is crucial to wealth and investment in Australia, there’s a substantial number of fintechs operating in the sector. Our partnership program will assist PropTrack in building those key relationships to help create new opportunities.”

Melina Cruickshank, Chief Executive Officer, PropTrack, said: “PropTrack is uniquely placed to provide unparalleled access to property data and insights through the integration of proprietary REA Group demand data and industry-leading software, apps and tools. We’re excited to connect with new fintechs to help build their competitive advantage with trusted market intelligence.”

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.

Five Fintechs On Friday – September 09, 2021

The Finnie Awards is going virtual again! We are excited to bring everyone together for the evening on October 13, 2021 (5:45 pm – 7:00 pm AEST) to celebrate the many successes in the Australian fintech industry! Register now via the following link for your chance to win a gift box! Register Now

But first, news from the industry…

Major partnership deals in the recent days with Volt Bank partnering with BTC MarketsButn with Ola Ride SharingBano with Nium and Trade Ledger with ScotPac. Capital also raised by Open Insurance and Azupay! And lastly congratulations to Link4 for the Treasury contract and Swyftx for launching in NZ.The industry comes together to talk about debanking and cryptocurrencies among other key challenges in the Senate Select Committee public hearings.

Below are five fintechs we shortlisted for this fortnight

Sandstone

Sandstone Technology is a global FinTech providing comprehensive origination and digital banking solutions for financial institutions across Australia, New Zealand, Asia, and the United Kingdom. For the past 25+ years, Sandstone has been creating flexible, robust, end-to-end solutions that simplify onboarding, loan origination, retail banking, and AI & ML powered Intelligent Document Processing. When it comes to future-proofing your business and building the capability to grow in the most efficient and compliant way, you’re in safe hands with Sandstone. We are proud of our exceptionally strong track record in de-risking and delivering complex transformation programs, and our deep domain expertise in dealing with local industry regulations makes us the transformation partner of choice.

SplitOff

SplitOff is a Sydney based company providing a payment method that allows multiple people to pay for one order or bill. It delivers a better customer experience across e-commerce and utility sectors and gives businesses a way to combine the power of multiple people paying together within a single transaction. SplitOff eliminates the hassle of splitting mutual payments completely. As a result, businesses get lower customer acquisition costs and competitive advantages in the saturated markets such as sharing accommodations, food or drinks delivery and online gifts. SplitOff: co-payments are made simple.

Spenda

Spenda delivers an integrated digital platform that manages transaction flow from quote to pay and on-demand lending. Ultimately, by improving how businesses trade and get paid, Spenda’s solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain. Spenda is a core product of Cirralto Limited, an ASX listed company with over 20 years’ experience in delivering B2B payment services, digital trading software and integrated solutions. For more information, please visit www.spenda.co.

NUAI

NUAI is an innovative Artificial Intelligence company that provides customised, flexible, and scalable AI solutions to empower startups and businesses. Whether you build AR/VR, self-driving cars, blockchain, mobile apps, and robots, or want to turn your data into a powerful selling machine with chatbots, personalised recommendations like TikTok and Netflix. We also help to protect your business with fraud detection or continuous identity verification. NUAI specialised in business-centric AI algorithms and models in Automated Machine Learning, Computer Vision, Natural Language Processing, and much more. You can break the pattern of manual labor, navigate the unpredictable future with NUAI’s Artificial Intelligence.

Lensell

LENSELL® is the Global Platform for Corporate Performance Democratisation. Using standardisation, data analytics and AI technologies LENSELL streamlines the communication between investors and corporates. It provides users with a suite of innovative applications that make reporting and accessing corporate performance data and insights (financial and non-financial) a breeze – fast, easy, and very affordable. From digital financial reporting using international business standards to unique investment planning and pollution awareness applications, LENSELL arms investors with innovative tools they can use to make better informed decisions with confidence.

Check out our previous issues here!

Upcoming Events

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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