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!

Sydney Stock Exchange join FinTech Australia’s partnership program

Sydney Stock Exchange (SSX) has joined FinTech Australia’s corporate partnership program, becoming the 13th new major member it has signed on in a year. SSX joins existing partners Xero, Amazon Web Services (AWS), Mastercard, EY, Facebook, Google, eftpos, IDEMIA, Regional Australia Bank, RSM Australia and the Newcastle Permanent Building Society.

The partnership program embeds companies within the fintech ecosystem and networks them with its key players.

“We look forward to working with the SSX as it looks to grow its presence in the fintech industry,” FinTech Australia CEO Rebecca Schot-Guppy said. “With many of our members considering their options for capital and the fintech industry rapidly growing, we believe it’s an ideal time for SSX to help educate members on their options for fundraising.”

“As a growth company with international reach, the Sydney Stock Exchange is a natural partner for Australian fintechs. Our entry requirements are more supportive, and our ongoing administration is far more efficient. With the benefits of being listed, we help fintechs access the capital required to reach their potential.” Michael Go, CEO of Sydney Stock Exchange.

About FinTech Australia

FinTech Australia is a national association for the Australian FinTech Start-up 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.

About Sydney Stock Exchange 

SSX aims to support businesses to take the next step in their growth strategy.

SSX is an efficient, cost-effective listing venue which supports growth-oriented companies raise the capital they need to reach their potential. Through connections to global markets, SSX offers qualifying companies the opportunity to access capital internationally.

SSX Contact

Listings
getlisted@ssx.com.au
02 9217 2739

Media contact

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

FinTech Australia adds Xero to its partnership program

FinTech Australia’s corporate partnership program has added its 12th major new member within a year, with Xero, the global small business platform, joining the program.

The growing partnership program embeds companies within the fintech ecosystem and networks them with its key players.

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

“We welcome Xero to our program, and look forward to working with them to reinforce the company’s strong connections in the Australian fintech industry.” FinTech Australia CEO Rebecca Schot-Guppy said.

“Having welcomed Xero as a partner is yet another indicator of the strong demand for collaboration with Australia’s booming fintech sector, reinforcing its position as a driver of overall economic growth”

Ian Boyd, Director of Partnerships APAC, Xero, said: “We look forward to working with FinTech Australia to drive greater visibility of the innovation being led by fintechs in Australia, and to coordinate with others on technology related policy. The recent Intersekt conference was a key example of the vibrant industry engagement FinTech Australia is fostering.”

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.

End of Year CEO Address

Dear Community, 

When I wrote to you from lockdown last year, we were facing a rather uncertain future. The success of some of our most prominent members was masking the pain felt by the majority of the sector. We heard a lot of rhetoric regarding digital transformation, but were uncertain whether this would include our industry, or was simply lip service.

Fast forward 12 months, and while the majority of us are still under lockdown, conditions are looking significantly better. We’re in the box seat to drive Australia’s economic recovery as the country begins to vaccinate itself. Our relationship with Canberra is the best it’s ever been. The sector is making waves both at home and abroad. 

As a result, FinTech Australia has never been stronger. In the past year, we’ve seen a 33 per cent increase in our total pool of members and also a 44 per cent increase in the number of corporate partners supporting us. These include some of the world’s largest technology companies, who have taken keen interest in our fintech industry.

With these extra resources, we’ve been able to dedicate more of our focus into our content and partnership initiatives. We’ve expanded the remit of our blog and content, partnered with AuzBiz to create Australia’s first dedicated fintech TV segment, held over 10 roundtable discussions with industry and expanded our relationship with AusTrade. In addition, we have become Austrade’s lead partner on the FinTech Global Initiative where we have become the first ever industry association to embed a Global Engagement Manager into our team.

This is alongside our ongoing positive engagement with the Federal Government which has seen changes to JobKeeper last year to better include high-growth companies, positive changes to R&D and the introduction of draft legislation that will allow intermediaries to participate in the CDR rollout. This is on top of the countless submissions we have made to the government on behalf of members. They are not falling on deaf ears either. The latest interim report from the Senate Committee on FinTech and Regtech saw over 75% of our suggestions translated into recommendations from the committee. 

All of this has also led to a more meaningful, influential and robust events program. Intersekt — our flagship event — had over 800 attendees this year, smashing all prior records. We have similar hopes for The Finnies,  which we unfortunately have had to postpone until September due to the latest COVID-19 outbreak.

It has been an incredibly busy 12 month. So much has happened — too much to mention here. Which is why we have summarised it in a Year In Review infographic, which is attached. 

There is much to look forward to in the year ahead. Alongside most of our members, I’m particularly excited for The Finnies in a few months time and the EY FinTech Australia Census to measure our industry’s growth. COVID may continue to plague Australia, and lockdown the country. Given our track record over the past year, I am optimistic that we will overcome any future challenges it poses to our sector and continue to reach the new heights as an industry. 

Happy 1st Birthday to the Consumer Data Right!

Written by Rebecca Schot-Guppy, CEO of FinTech Australia

On Thursday, 1 July 2021, the Consumer Data Right (CDR) will celebrate both its first birthday and its next major milestone.  

We’ve made steady progress and we are now picking up pace.  At the time of writing, there are 12 Accredited Data Recipients and 8 Data Holders with many more parties at various stages in the approval process.  

It has been mandated for all non-major ADIs to share CDR data from 1 July 2021 unless exempted and the growing list of bank exemptions granted by the ACCC is currently longer than the list of approvals.  Whilst this is frustrating for the fintech community, it must be acknowledged that the overall success of the CDR regime requires the banks get it right by opening up robust APIs.  It’s a question of time.

The foundation is there and it’s proven.  Real-time consumer data is being shared, for example, Frollo has made c.9.5 million API calls.  As we embrace future directions such as action-initiation and payments, and as other industries like energy and telco join in, there will be a huge amount of growth and opportunity.   

Judging by the attendance and the number of speakers at Fintech Australia’s marquee Intersekt Festival at Melbourne’s Grand Hyatt in May, as well as the many discussions I had during the conference, open banking is very much a hot topic.  

Here are my highlights from the event:

  1. Over 40 guests attended an industry dinner hosted by Intuit at Supernormal vigorously discussing opportunities, challenges and use cases late into the evening
  2. It was standing room only at the round table by Tony Thrassis from Frollo on “Getting Started with Open Banking” where he emphasised the vital importance of knowing your use case, focusing on the journey beyond accreditation to live, and testing that the data you get is operationally valuable 
  3. Rob Hale from Regional Australia Bank and Stuart Low from Biza.io used the analogy of “A Bank and a Fintech go White Water Rafting” to describe their “dream partnership” to secure the bank’s data holder status
  4. Andy Parton and Mike Booth from EY succinctly summarised where we have come from, what we have achieved, and the road ahead with its opportunities for partnerships and new products (including the “killer use case”)
  5. It was also standing room only at the round table by Paul Franklin, Natalie Plumridge and Louise Dobson from the ACCC who shared that it takes about three months to get accredited (after submitting a complete application) and then around two months to onboard and pass conformance testing
  6. TrueLayer’s Head of Australia Brenton Charnley shared valuable insights from the UK as a predictor for Australia with “Say Hello to Open Banking Payments:  the what, the why and the how” and a prediction that, within the next 5 years, open banking payments will be the default way to move money online due to higher conversion, lower costs and better security, and 
  7. In a fireside chat discussing the critical enablers of the digital economy, the CDR’s author Scott Farrell from King & Wood Mallesons commented that inclusion and connection are deliberately recurring themes in his work, Jill Berry from Adatree endorsed the potential to protect vulnerable customers and Amanda Robinson from Australian Red Cross added equity.

Tony Thrassis from Frollo and Rob Hale from Regional Australia Bank deserve a special mention for leading the heavy lifting and championing a mindset of innovation over compliance. 

Australia’s fintechs are working hard to deliver the benefits of the Consumer Data Right to consumers and businesses, including choice, convenience and, most importantly, confidence.   

There’s more work to come as we figure out joint accounts, tiered accreditation, a sponsor/affiliate model and action initiation and Fintech Australia remains committed to being a leading voice on policy.

Upcoming Events
  1. B2B SaaS events by AWS

    August 17 @ 8:30 am - 2:30 pm
  2. Intersekt 2022

    September 7 - September 8
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