FinTech Voice November 24, 2022

Dear Community,

Consultations continue to remain a priority through December – Treasury seeking feedback on the Buy Now, Pay Later Options Paper by 23 December; AUSTRAC seeking feedback on draft guidance in de-banking by 21 December; and APRA consulting on amending the minimum capital requirements for Purchased Payment Facilities Providers. We are working with members when drafting these submissions. See below for more. (more…)

FinTech Voice, November 10, 2022

Dear community,

We travelled to Singapore last week for the Fintech Festival with 34 fintechs to showcase the opportunity in Australia. A very positive outcome with both investors and fintechs keen to explore the Australian market.

Our key announcement in the past few days was the EY FinTech Australia Census 2023. The sector has significantly matured but founders expect headwinds in 2023. See full report here and the panel session on youtube.

See also the advocacy section on our currently submissions and other key updates in the industry.

For any queries and support, please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

(more…)

FinTech Voice, October 26, 2022

Dear community,

On Tuesday night the Government handed down the Federal Budget. We are pleased to see the Government deliver on its election commitments as well as its support for tech talent, leadership and training. There were however no big wins for fintechs and start-ups.

There is another Federal Budget around the corner and FinTech Australia is hopeful of targeted measures that will support our maturing fintech sector, including expansions to R&D and investor incentives and funding for initiatives to help fintechs expand abroad. See Policy advocacy section for more information on key measures.

We recently announced the restructuring of our policy working groups. The restructure will consolidate our existing working groups to increase member engagement on policy. Giving you a shared voice in shaping policy regulation will continue to remain a key priority for the organisation.

Our next big announcement is the outcomes of the EY FinTech Australia Census on November 2. Hear from our guest speaker, The Hon Ed Husic MP and an industry panel of leaders on their reaction to the insights.

Policy work has ramped up significantly. See below section for more information on the current consultations we are working on.

For any queries and support, please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia


Federal Budget released

Tuesday’s Federal Budget had a strong focus on the Government’s commitments around housing, aged care and childcare.

As with the broader tech sector, Australian fintechs are experiencing a talent shortage and we welcome the additional funding for the Department of Home Affairs to increase visa processing capacity and to raise awareness of opportunities for high-skilled migrants.

Although we would like to see additional support for small businesses, the funding to support the financial and mental wellbeing of small business owners is timely given tough market conditions.

Key Budget measures:

Tech training

$50.0 million to establish a TAFE Technology Fund and around 180,000 fee-free TAFE and vocational education places will be delivered in 2023 in areas of highest skills.

Visa processing

$42.2 million over two years for the Department of Home Affairs to increase visa processing capacity and raise awareness of opportunities for high-skilled migrants.

Small business support

$15.1 million to support the financial and mental wellbeing of small business owners.

Supporting talent and leadership in science and technology

$47.2 million to support the development of talent and leadership in Australian science and technology; $13.5 million to strengthen coordinated policy capability to identify, assess and support Australian development of critical and emerging technologies; $5.8 million over 5 years to support women in science, technology, engineering and maths (STEM) through the Women in STEM and Entrepreneurship program.

Fighting Online Scams

$12.6 million to combat scams and online fraud to protect Australians from financial harm, including initial work on the establishment of a National Anti-Scam Centre and expanding arrangements with IDCARE.

Funding for modernising business registers program

$166.2 million to continue delivery of the Modernising Business Registers program that will consolidate over 30 business registers onto a modernised registry platform.

Treasury portfolio funding

Additional funding to support the delivery of Government priorities in the Treasury portfolio, including to support reviews of the Reserve Bank of Australia and the regulatory framework for managed investment schemes.


Restructure of FinTech Australia Policy Working Groups

We are transitioning to a new, streamlined Policy Working Group structure. The restructure will consolidate our existing working groups to increase member engagement on policy. With fewer but more active working groups, we can bring together more members for regular meetings and drive a more proactive, forward-looking approach.

The new approach is designed to encourage bigger communities and better engagement, regular meetings and less duplication and overlap.

The new structure will involve seven core Policy Working Groups and three new Thematic Committees:

Policy Working Groups:

  1. Payments
  2. Open Data
  3. Lending
  4. Crypto, Blockchain and Web3
  5. Compliance and Privacy
  6. Wealthtech and Neobanking
  7. Insurtech

Thematic Committees:

  1. Cybersecurity
  2. Capital, Investment and Growth
  3. Talent and Diversity

If you would like to join a working group or committee, join as a member or corporate partner.


Current consultations

We are currently developing submissions to consultations on:

– ASIC Industry Funding Model Discussion Paper;

– Senator Bragg’s private bill digital assets regulation.

We recently made submissions on:

– Treasury’s draft legislation to enable CDR action initiation;

– Treasury’s draft enhancements to the CDR Rules;

– APRA’s draft prudential standard CPS 230 (Operational Risk Management);

– The Board of Tax’s consultation paper on the tax treatment of crypto assets and transactions.

See our recent submissions on our website.

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


📒Trade Ledger on their next generation working capital – the $ multi-trillion opportunity. A great guide to driving success. Visit here and see the structured approach to any lender to identify where the biggest opportunities lie in their working capital.

📙Currencycloud has witnessed the rise of the super app trend, and in some cases played a part through collaboration with their Fintech clients who have brought new super apps to marketDownload Currencycloud’s super app ebook and discover more on the definition of superapps, its current state and what the future brings for superapps.


🔍 AusIndustry is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. Oct-Nov 2022. For more info, click here

🇸🇬Singapore FinTech Festival (SFF) 2022 Join #SFF2022 in the Global Plenary, where speakers will take you on a journey of discovery, challenge your beliefs and help you learn new things. 2-4, Nov, Singapore EXPO. FinTech Australia members enjoy 20% off conference passes (applicable to existing pass rates). Register now: https://bit.ly/3KfqNEr

🔍EY FinTech Australia Census 2022 Save The Date is hosting a special webcast to hear the outcomes of the EY FinTech Australia Census 2022, Nov 2, 10:00 am – 11:00 pm. More details to follow.

💰Helping Consumers Navigate the Financial Crisis by Boosting Financial Literacy and Responsible Lending Join the webinar and learn more about interest rates and inflation rising and the share market decreasing in Australia and New Zealand, consumers are understandably stressed. Nov 9, 12:00 pm – 1:00 pm. Register here.

💻Action Initiation and the Future of CDR With the recent release of the draft legislation for the Action Initiation framework, #CDR just got a whole lot more exciting. This webinar is a perfect introduction to the what, the why, and the how of Action Initiation on November 3Register here.


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

  1. mSmart announces upgrade of its first product incorporating reverse mortgage income’ in its retirement projections.
  2. Running off the back of these macro tailwinds bit.leave has launched in Australia after successfully being funded by Antler during their January accelerator program.
  3. Tanggram has publicly launched its crowd-sourced funding campaign on Australia’s leading crowdfunding platform Birchal.
  4. DECTA has introduced payment tokenization which empowers the popularity of digital wallets, as recurring and unscheduled payments are becoming part of the on-demand economy in e-commerce.
  5. Three times as many customers of M.J. Bale’s online store associated the menswear brand with sustainability after it launched Offset to EarnBetaCarbon’s new sustainability customer engagement and acquisition tool in October.
  6. Frollo found that Australians’ monthly spending on items classified as ‘essential’, like rent or mortgage, groceries, insurance, fuel and medical, has increased by 19% in the last 12 months.
  7. Consumer data right brand Biza.io has appointed Rob Hale as its chief technology officer.
  8. Shift, a provider of credit and payments platforms that help businesses trade, pay and access funds, has expanded its leadership team with two senior appointments.
  9. Moneyme is on the front foot as Aussie finance companies scramble for tech lead over peers

  1. Australia sees new Cyber Wardens program launch to educate
  2. Australia, Singapore ink green trade pact
  3. FinTech Global FS Regulatory Round-up – w/e 14 October 2022
  4. Major data breach at Australia’s top health insurer Medibank

Australian FinTech Spenda offers cash flow relief to businesses as banks tighten the grip on lending

Banks remain the biggest business lenders, issuing over 90 per cent of Small to Medium Enterprise (‘SME’) loans in the past year, however recent banking decisions have forced businesses to look for funding options away from traditional bank lenders. Many are now exploring the FinTech sector to improve their cash flow and fund business growth.

According to a recent World Bank report, SME’s globally have unmet finance needs to the value of USD 5.2 trillion a year. On top of this, rising interest rates and growing economic instability are forcing banks to tighten their grips on business loans which is resulting in slow loan approval times and increasing credit requirements. An independent panel of 253 Australian SME business owners and decision makers predicted that 76% of Australian businesses are expected to face a cash flow crisis by FY24, making it more important for these businesses to have access to sustainable cash flow solutions.

To help address this need, Australian FinTech Spenda, has recently secured a $50M warehouse facility. Due to their ability to combine lending and software to businesses, the Company has access to a wealth of transactional data that shows a clear view of a customers’ underlying cash flows, providing them with a level of visibility to business health not available to traditional lenders. This data allows Spenda to make secure lending and payment offers to businesses that optimise trading relationships and provide greater flexibility to businesses.

Spenda’s Managing Director, Adrian Floate, said: “As technology develops, the innovations in B2B payments continue to evolve and access to alternative finance channels is giving businesses the cash flow they need to grow and operate with ease. Spenda is leading the way, shaping a new norm for business relationships, and offering a connected solution designed to improve business efficiency and support growth.”

“If the pandemic has taught us anything, it is to always be prepared for uncertainty and ensure your cash flow is strong,” he adds.

Corrie Hassan, Chief Credit and Risk Officer at Spenda added: “We have developed lending products that help businesses better balance their cash inflows and outflows, enabling them keep on top of the cost of sales and expenses. Because we can capture a lot of business data, we are able offer extremely competitive fixed interest rates to our customers.”

“As a general principle, our strategy focuses on lending to well established businesses with a good track record, helping them grow and take their business to the next level.”


About Spenda:

Spenda is a business ecosystem that facilitates the transfer of both operational and financial data between businesses as they buy and sell from each other. We offer over 20 years’ experience in delivering smart B2B software applications, flexible payment and lending solutions, and integration services that help improve the way businesses trade and get paid.

Our solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain.

Spenda is an ASX listed company (ASX:SPX).

For more information, please visit www.spenda.co

We are changing how we do policy at FinTech Australia

Our Policy Working Groups give fintechs a shared voice and the opportunity to be part of a community which shapes policy and regulation.

We are transitioning to a new, streamlined Policy Working Group structure.

The restructure will consolidate our existing working groups to increase member engagement on policy. With fewer but more active working groups, we can bring together more members for regular meetings and drive a more proactive, forward-looking approach.

The new approach is designed to encourage:

Bigger communities and better engagement
    • The diversity of our membership sets FinTech Australia apart. Broadening the membership of each working group leverages this strength and will promote more interesting conversations.
 Regular meetings and a more proactive approach
    • We will schedule regular meetings with a broader focus to consider upcoming issues and set forward-looking priorities. Formulating clear messages on key issues will give us a better platform to engage with government.

Going beyond technical policy work 
    • While submission drafting will remain an important part of our policy work, we will create more opportunities for broader information sharing and policy discussions between members and partners.

What will this look like?

The new structure will involve seven core Policy Working Groups, three new Thematic Committees, and new Advisory Panels for each working group and committee.

 


Our new Thematic Committees will be driven by select members and partners, with more of a focus on information sharing, community engagement and events. These are topics where there is less regular policy work but strong interest in an active community of fintechs.

Our Policy Partners provide invaluable support for our policy work:

  1. Cornwalls
  2. DLA Piper
  3. Gadens
  4. Hamilton Locke
  5. K&L Gates
  6. King & Wood Mallesons

How do I get involved?

Our Policy Working Groups and Thematic Committees are only available to FinTech Australia Members.

FinTech Australia advocates on behalf of members and regularly makes submissions to consultations across a wide range of policy and regulatory issues. We work closely with regulators, Ministers and government departments to host policy roundtables, webinars and provide feedback on changes to regulation.

  1. See our Membership Options
  2. See our Policy Agenda and recent submissions

FinTech Voice, October 13, 2022

Dear Community,

De-banking continues to be a significant issue which undermines the entire fintech industry. The policy responses to de-banking recommended by Council of Financial Regulators are a welcome first step but we will continue to advocate for stronger measures, such as due diligence or external dispute resolution schemes which holds banks accountable and provides an avenue for appeal.

We look forward to having action initiation enabled in CDR for the fintech industry to create groundbreaking solutions that will empower consumers (and potentially businesses) in the digital economy. We are currently working with members to draft two of these submissions. Read the policy section for more information.

Intersekt Fintech Festival was the most successful local stage we have created to promote the fintech industry. In the global arena, Singapore Fintech Festival is one of those must-attend conferences. If you haven’t booked yet, get exclusive discounts here.

Don’t miss the other upcoming events in the coming weeks including our meetup with panels on mitigating risk in the digital era on October 26.

Our corporate partner ProbeCX has also drafted this article on how an outsourced model can help alleviate some of the issues the industry is currently facing.

For any queries and support, please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

CDR Statutory Review Final Report released

The Government has released the final report of the independent Statutory Review of the Consumer Data Right by Ms Elizabeth Kelly PSM.

The report made 15 findings and 16 recommendations reflecting on implementation to date and suggesting future improvements.

Notably, the report recommends:

  1. Ensuring privacy is properly factored into the designation design;
  2. Undertaking a whole of ecosystem cyber security assessment to ensure CDR cyber security architecture continues to be fit for purpose;
  3. Giving ADRs greater flexibility to choose who they undertake preliminary systems testing with;
  4. Phasing out screen scraping in sectors where the CDR is a viable alternative;
  5. Greater transparency on CDR consultation processes and clearer timelines for future developments;
  6. Increasing small business and government participation;
  7. Encouraging and incentivising the development of use cases through initiatives similar to the UK’s Open Up Challenge; and
  8. Supporting consumer advocacy groups to meaningfully participate.

Improving data quality and coordination between regulators were also highlighted as essential to the CDR realising its potential.


Government releases CFR de-banking policy paper

The Government has also released the Council of Financial Regulators’ (CFR) report on Potential Policy Responses to De-banking in Australia.

The report makes four recommendations for the Government’s consideration:

  1. Collect de-banking data;
  2. Introduce transparency and fairness measures – i.e. that banks document and provide reasons for de-banking, provide access to dispute resolution and provide a minimum notice period;
  3. Advise the major banks of the Government’s expectation that they provide guidance on their risk tolerance and requirements to affected sectors;
  4. Consider funding capability uplift within affected sectors.

These policy responses are a good first step and the improvements to data collection, guidance and transparency will begin to illustrate the vast scale of the de-banking problem and provide some certainty. However, it is disappointing the CFR has not recommended stronger measures, like external dispute resolution or due diligence schemes, which we have previously advocated for.

The proposed transparency and fairness measures are a positive step but must be implemented in a mandatory and enforceable way to be effective. We will continue to advocate that these measures should be coupled with an external dispute resolution scheme which holds banks accountable and provides an avenue for appeal.

We look forward to the Government’s response and will call for implementation to progress as a priority.


Consultation on ASIC Industry Funding Model

Treasury has released a discussion paper for the ASIC Industry Funding Model (IFM) Review.
The IFM was introduced in 2017 as a way for ASIC to recover its regulatory costs from regulated entities. The IFM determines which costs incurred by ASIC through regulation and enforcement are recovered from which regulated sub‑sectors. The model is intended to ensure that costs are met by entities in the sub‑sectors that create the need for regulation.
The IFM review is particularly relevant for FinTech Australia members because it specifically raises the potential for cost recovery from emerging sectors and legal unlicensed conduct. The discussion paper asks for alternative ways to recover costs for ASIC’s activity in relation to sub-sectors like crypto assets and BNPL. This is because these sub-sectors do not currently sit within the existing system of licensing, registration, and supervision.
Treasury is seeking feedback by 28 October.

CDR goes live for energy sector

From 1 October 2022, product reference data for energy plans became available with the Australian Energy Regulator and the Victorian Department of Environment, Land, Water, and Planning joining as energy sector data holders.

Consumer data-sharing by energy retailers, including consumer billing and consumption data, will be phased in from 15 November 2022.


Current consultations

We are currently developing submissions to consultations on:

– Treasury’s draft legislation to enable CDR action initiation;

– Treasury’s draft enhancements to the CDR Rules;

– APRA’s draft prudential standard CPS 230 (Operational Risk Management);

– ASIC Industry Funding Model Discussion Paper.

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


 

💭Think & Grow are working on the most in-demand nationwide research project – the fourth iteration of the Australian Startup Salary Guide 2022/2023. Click here to participate in the survey.

📣The Stone & Chalk Group is extending exclusive offers to valued members of Fintech Australia. If you are a tech startup or a scaleup, visit their website for more information.

💁🏻Lift Women are funding women and girls who are passionate about their business dreams, want to make a difference and be a CHANGEMAKER! The Female Founder Grant Challenge 2022 is NOW OPEN. You can win 1 of 3 business funding grants, valued at over $15,000 EACH. To apply, simply start a project on Lift Women to be part of the challenge. Or book your free consultation call.

📒Trade Ledger on their next generation working capital – the $ multi-trillion opportunity. A great guide to driving success. Visit here and see the structured approach to any lender to identify where the biggest opportunities lie in their working capital.

💁🏻‍♀️She Loves Tech Australia 2022 the world’s largest competition for women and technology. Winners can expect up tp $100,000 direct investments from She Loves and $15,000 cash prize from Teja Ventures and $10,000 cash prize from ADB Ventures. Visit here.


 

📉Fintech Australia Series Mitigating Risk in the Digital Era an in-person meet up which covers everything from mitigating risks and securing digital platforms especially in the era of data breaches, online security and digital fraud. October 26, 5:30 pm – 8:30 pm. Visit here.

📉START SMART: Avoiding Common Startup Mistakes Join BDO’s in-person session in Sydney as they cover ESOPs, tax incentives and capital raising. 18 OctoberRegister here.

🔍 AusIndustry is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. Oct-Nov 2022. For more info, click here

🇸🇬 Singapore FinTech Festival (SFF) 2022 Singapore welcomes you in-person to the 7th edition of the Singapore FinTech Festival (SFF). Brings together the global FinTech community. 2-4, Nov, Singapore EXPO. FinTech Australia members enjoy 20% off conference passes (applicable to existing pass rates). Register now: https://bit.ly/3KfqNEr

💰How Fintechs can guide consumers toward financial wellness. Join the webinar hosted by Envestnet Yodlee on October 10, 2022, 6:00 pm – 7:00 pm. Register here.

🔍EY FinTech Australia Census 2022 Save The Date is hosting a special webcast to hear the outcomes of the EY FinTech Australia Census 2022, Nov 2, 10:00 am – 11:00 pm. More details to follow.


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

Superhero a leading share trading and superannuation platform has released new insights into the investment habits and preferences of Australians, only one in ten Superhero trust finfluencers.

Cache has produced its 2nd Annual Micro-investing Report, detailing key industry insights, distinct product features & functions and new entrants in the market.

Revolut launches Crypto ‘Learn & Earn’ courses to help customers improve their knowledge of cryptocurrencies.

Weel is on the hunt for Australia’s top finance leaders for their first ever Australian-CFO Awards 2022, after identifying a gap in the sector.

CreditorWatch has secured a three-year contract with Coface, a global specialist in trade credit insurance, to support its global insurance unwriting business that has a presence in more than 100 countries.

Using Yondr introduces a smartphone app which can help you manage the effects of inflation and helps improve your financial position.

Trade Ledger has set out a new report; 4-step value framework, a great guide to driving success.

Envestnet® | Yodlee® has appointed data and analytics expert Dr. John Harrison, to the newly created role of Head of Open Banking for Australia and New Zealand.

Tanggram and co-founder Erica Xie had been named as a Finalist in the Women in Finance awards for Women’s Community Program of the Year and Young Leader of the Year.

Taulia and Standard Chartered have signed a memorandum (MoU) to collaborate across a range of working capital finance solutions, with an initial focus on the provision of supply chain finance and dynamic discounting.



Upcoming Events!

With October and November shaping into busy months with events, here’s a recap of what’s happening.

LOCAL EVENTS

 

INTERNATIONAL EVENTS

  • Fintech Surge Dubai – 10-13 October – Where finance and technology create Limitless technologies.
  • Money 20/20- Las Vegas 23-26 October –  The premier show on the industry calendar where C-level executives, renowned speakers, innovators and disruptors from across the world drive change in the future of money.
  • Fintech Taipei, October 28-29  – FinTech Taipei 2022 specially launches a series of over 200 activities to assemble various financial institutions and startup teams to show the innovative energy of Taiwan’s financial technology in the post-epidemic era.
  • Hong Kong Fintech Week 2022, October 31 – November 4 – This event will explore the latest innovations in financial technology and provide a unique opportunity to learn from some of the most successful FinTech entrepreneurs in the world.
  • Singapore FinTech Festival (SFF) 2022, November 2-4 – This event brings together the global FinTech community for three days of networking, collaboration, and innovation.

 

Click the below banners for more information on each event.

 

CreditorWatch wins three-year contract with Coface to support its credit insurance underwriting business

Coface selects CreditorWatch as credit and financial data partner including API driven decisioning, fully digitised financials and in-depth credit analysis.

Sydney (Australia), 26 September, 2022CreditorWatch, a commercial credit reporting bureau with over 50,000 customers across Australia, today announced it has secured a three-year contract with Coface, a global specialist in trade credit insurance, to support its global insurance unwriting business that has a presence in more than 100 countries.

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

The partnership with Coface marks a significant milestone for both Coface and CreditorWatch.

Coface will utilise the CreditorWatch API to automate and integrate credit reports (including fully digitised financial information), credit ‘Risk Score’ and credit monitoring into the Coface system.

Patrick Coghlan, Chief Executive Officer of CreditorWatch said, “We’re excited to be providing Coface with detailed credit risk data to support its insurance underwriting business. This will help deliver invaluable information to Coface so it can make data-driven business decisions, a necessity in the current competitive financial and economic environment.”

Chris Little, Chief Executive Officer of Coface Australia and New Zealand said, “Coface is pleased to engage CreditorWatch to support our global organisation. Working with Patrick’s team is a very positive experience, and our insurance underwriting is all the stronger now, as we’re able to leverage the superior data and product offerings provided by CreditorWatch.”

Roberto Bastos, Manager of Credit Research of Coface Australia and New Zealand said, “Gaining access to fully digital financial information allows our enhanced information team to provide a diverse range of analytics and credit exposure recommendations to Coface’s risk and underwriting team.”


About CreditorWatch

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


About Coface

With 75 years of experience and an extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.

EXTRASJAR GOES PUBLIC WITH ITS CROWD-SOURCE FUNDING CAMPAIGN WITH A MISSION TO REVOLUTIONISE INSURANCE

SEPTEMBER 2022: ExtrasJar has launched its crowd-sourced funding campaign to the public on the Birchal platform. The company’s mission is to provide revolutionary peace of mind for the entire family by combining the best of banking, investments, and insurance into new and innovative financial products.

John Connor and Reece Frazier, the co-founders of ExtrasJar, set up the company after being frustrated by the lack of value for money Australians were getting from their insurance, particularly health insurance and health extras.

“I’ve worked as an insurance actuary for nearly 20 years for some of Australia’s biggest banks and insurance companies – so I know how much money is being taken from hardworking Australians. When you buy a health extras policy, that’s exactly what’s happening, you’re paying extra. 12.5 million Australians pay $12 billion towards ‘extras cover’ and only get $5.6 billion back in benefits*. That’s why we launched our revolutionary health extras product first in July 2022.” John said.

With ExtrasJar’s health extras product, customers can save to pay for health extras. Savings are invested into the ExtrasJar Managed Investment Scheme. Customers can access their investment units at the point of sale to pay for treatments using their ExtrasJar Mastercard®. The business model, which the pair believe to be a world-first, rewards people who are healthy with a nest egg they can draw upon when they need it most.

“Extras is just the beginning, and we are now focusing on launching a private health insurance product as well as pet insurance, so our furry friends are also protected. Our insurance products will feature a self-insurance deposit feature which can be used to lower premiums. Think of it like a bond you’d pay a landlord upfront if you rent a property, if you don’t claim you get your bond back.” Reece said.

“We are excited that our customers also want to be shareholders and they are passionate about what we are doing. During the private round of the raise, the company hit its minimum raise target in two hours.” John said. ExtrasJar, which has been granted its own Australia Financial Services Licence, will use the funds from the raise to scale and accelerate growth and roll out a suite of new products.

Earlier this year, ExtrasJar completed a seed round with Sydney Angels as the lead investor, giving the company access to a network of advisors to help support the company through its build phase. Adrian Bunter, management committee member Sydney Angels and executive director, Venture Advisory, said ExtrasJar is shaking up the insurance industry. “Over the last two years I have had access to over 2,000 early-stage investment opportunities, and out of all those, ExtrasJar stood out as one of the best companies I’ve seen. We are expecting big things” Bunter said.

Leading CDR solutions provider Adatree launches Open X Use Case Report

Provides 25 cross-industry examples on how the Consumer Data Right can be leveraged for consumers and businesses to create smoother and smarter customer experiences

For immediate release, Wednesday 7 September 2022, Sydney, Australia: Multi-award-winning Australian fintech and leading data intermediary and recipient platform Adatree has launched a use case report for Open X – providing a whole range of new cross-industry Consumer Data Right (CDR) use cases to illustrate the power of the regulatory data regime and what it can do for businesses and consumers.

Following the success of its banking data-specific Open Banking Use Case Report and the evolution of the regulated CDR ecosystem, Adatree’s new report provides 25 examples of practical CDR use cases that leverage Open X to create smoother and smarter customer experiences. The full report can be downloaded here.

Open X refers to economy-wide and cross-industry data sharing, and encapsulates various industries including Open Banking, Open Finance, and Open Energy.

Adatree, the only Open X provider in the world, created the report to show what is possible and explore how the combination of datasets from energy, insurance, investments, lending, wealth, telco, payments and other industries is on course to revolutionise the digital economy. It did this by illustrating how long-standing problems could be solved through CDR applications.

Some use cases Adatree created include how tax time could be made simpler through a tax deduction ‘tracking’ tool that uses your banking data provided through the CDR; a solution that automatically updates your insurance premium based on lifestyle changes; a way for small businesses to gauge the likelihood of timely payments from clients; and even a solution to reduce the mountain of admin from personal affairs left behind from the loss or incapacitation of a loved one.

Adatree CEO Jill Berry, says: “Adatree was founded to enable companies to access economy-wide datasets. Now Australia’s regulators have matured from just offering banking datasets through Open Banking to other industries, including energy, telco, lending, superannuation, general insurance and payments. This use case report on Open X to showcase the power and possibilities of the Consumer Data Right in providing consumers and businesses with better solutions and experiences.

“We are commonly asked how businesses can leverage cross-industry datasets, and we are proud to have come together as a team to answer this in the best possible way – by providing examples to long-standing issues.

“The CDR has evolved significantly since we first started with the expansion of datasets into several new industries. Through the architecture of the Adatree platform which is ready to access regulated data from any data source or industry, we’re excited for what is to come in Open X and how, as the only Open X provider in the world, we can enable companies to bring their use cases to life.”

Adatree enables any company to access and leverage Consumer Data Right data via one integration. Its award-winning, turnkey technology provides the poles and wires of the CDR so businesses can focus on designing and implementing data-driven powerful use cases for their customers.

Adatree’s Open X use case report can be downloaded here.


About Adatree

Adatree is an award-winning Australian financial technology company at the forefront of Open Data, also known as the Consumer Data Right (CDR). As Australia’s first accredited and active intermediary, Adatree uses a sophisticated and secure proprietary platform to enable a wide array of businesses, including banks, credit unions, comparison websites such as iSelect, BNPL such as humm, and financial services, to access consumer banking data to improve their products and services.

Adatree was co-founded by former Tyro Payments and Volt Bank employees, Jill Berry and Shane Doolan in 2019. It won Best Open Banking Solution in the 6th Annual FinTech Awards 2021. Jill also won Female Fintech Leader of the Year at the same award, in addition to winning Emerging FinTech Leader of the Year in the 2021 Finnies Award and being named as a finalist in the 2021 Women’s Agenda Emerging Leader in Tech. For more information visit adatree.com.au.

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