China is the world’s second largest economy, and the world’s largest trader in goods. It’s a country with huge opportunities for businesses large and small. Although it has opened up trading its currency, the Chinese yuan, knowing the differences between the domestic renminbi and the offshore renminbi will be a financial benefit for businesses of all sizes.

One of the world’s top five most-used currencies, the renminbi (RMB) is the official name of China’s currency. The Chinese yuan (CNY) is another name for China’s currency, and is the principal unit of RMB. The two names, renminbi and yuan, are interchangeable.


In 2009, Chinese authorities lifted restrictions on RMB trade settlements between China and Hong Kong –  the first time that RMB settlements were allowed outside mainland China. This was marked by the creation of the CNH, with the ‘H’ standing for Hong Kong.

Since then, these regulations have been gradually eased, leading to the development of RMB markets in Hong Kong and other offshore RMB markets like Australia, the US, Singapore and the UK as China gradually internationalized the renminbi. These exist alongside the RMB onshore market in mainland China, where buying and selling restrictions still apply. As a result, there are now two RMB markets: offshore and onshore.

Due to China’s cross-border currency controls, the Chinese yuan is allowed to trade for a different price in an offshore market like Hong Kong. In order to distinguish between these two prices, the unofficial abbreviation CNH is used to refer to the offshore price of the Chinese yuan (CNY).  READ MORE

A year in review for FinTech Australia 2022

6 years ago, fintech founders and partners came together to form the industry association to advocate and support for what is now the fastest growing industry both locally and globally.

We’re excited to share our journey and achievements from last year and have put together this year’s infographic outlining our milestones.

We will continue to champion the fintech agenda and engage with Government and Industry to support our community, promote innovation and benefit the end consumer. Challenging existing structures and driving policy reform will continue to be a key priority.

We have had some big successes and our growth will help build more services for the industry. With your support we have built the Fintech Jobs Board, Ecosystem Map, Investor Map and Regulatory map to reduce barriers of entry for fintechs. With the support of the new Government, we will keep this momentum to further support the industry and enable growth.

This has not been possible without the support of our members, our corporate partners, our event sponsors, regulators, State and Federal Government, media partners and the general community. Thank you to all who continue to support us and please reach out for any feedback and suggestions.

There’s more to look forward to with international delegations, additional support services, more meetups, roundtables, networking opportunities and discounted services from out partners. Watch this space!

Basiq White Paper: Visualising An Open Finance Ecosystem

‘Open Finance’ is a term used to describe the accessibility of core financial services made available through APIs. This allows for the sharing of data across multiple financial institutions driven by consumer consent, as well as being able to do something with that data once shared, such as a payment.

Open Finance is typically referred to as the ‘next step’ following Open Banking, with the latter predicated solely on the sharing of Banking data. Open Finance is also more sophisticated than simply the sharing of consumer-consented data, as not only does it cover the whole financial services landscape – from crypto wallets to payments – but also allows for a suite of actions to be performed upon this data. All the while, a business can derive insight from a consumer’s financial position having received the consent.

The following white paper visualises what a truly Open Finance ecosystem looks like, with references drawn to Australia where necessary to add additional context.

The paper ‘Visualising An Open Finance Ecosytem‘ is a deep-dive into:

  1. Defining the core components of an Open Finance economy
  2. Mapping out the interconnected layers within Open Finance
  3. Revealing how Open Banking is one small part of the broader picture
  4. A use case for Open Finance that touches on point (1)

Download your copy here

Annual WeMoney Financial Wellness Survey 2021 – 2022

60% of Aussies worry about debt – 30% live paycheck to paycheck 

Australia’s leading social financial wellness platform WeMoney has surveyed 1,046 Australians to uncover their thoughts about money and gauge their overall sense of financial wellness. 

The survey found many Australians are anxious about their financial future. 

Over half aren’t confident about their current financial situation. 

Almost a third are living payday to payday. 

Heading into 2022, the cost of living and rising property prices are the top two financial fears for Aussies. 

WeMoney’s Financial Wellness Survey also found that:

  • 29.7 percent live paycheck to paycheck with more than 1 in 3 ‘just surviving’.
  • 55 percent don’t feel confident with their current financial situation.
  • 6 out of 10 worry about debt, with 46 percent doing so on a weekly basis
  • More than 7 in 10 have used a Buy Now Pay Later product.
  • Cryptocurrencies and NFTs, at 42.6 percent, are more popular than traditional stocks, at 36.7 percent. 
  • More than 4 in 10 don’t have an emergency fund with close to 3 out of 10 not planning for large expenses. 
  • Over 40 percent want their next major purchase to be a property. 
  • More than 51 percent are spending more on Christmas in 2021 compared to 2020.
  • 66.5 percent expect their largest line item at Christmas to be gifts.

“Some of our members’ attitudes towards their financial health make for concerning reading. Clearly the pandemic has impacted many people’s finances, and this was born out in a high percentage of people who were anxious about their current and future financial positions” said WeMoney’s Founder & CEO, Dan Jovevski

“On a positive note, while property prices are still a concern, the great Aussie dream of home ownership remains strong and saving is on the agenda for almost 60 percent of respondents in 2022. The survey also confirmed how far crypto has come in the common consciousness of Aussies. We believe this trend is only going to get more popular.” said Mr Jovevski. 

For the full breakdown of data and the report please visit 

Based on survey of 1,046 WeMoney members aged between 18-70 between November 29th 2021 and 1st December 2021. 

Media Contact
John Solvander
+ 61 419 342 192

Dan Jovevski
+61 410 067 079

Monoova and the NPP. Reimagining the real-time reconciliation of Accounts Payable and Accounts Receivable

Payment-automation specialist Monoova is helping businesses benefit from the instant, always-on and data-rich capabilities of the New Payments Platform (NPP), driving the digital transformation of large, ongoing transaction flows to make managing business payments easy.

As one of a very small group of payment service providers to be enabled on the NPP, Monoova recognised the potential of this transformative piece of payments infrastructure early, innovating on top of Cuscal’s NPP solution and leveraging the platform’s capabilities to help businesses manage their payment workflows more effectively. Fully automating how business receive, make and reconcile payments in real-time.

Find out more – Reimaging real-time payments & reconciliations with Cuscal

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Cloud adoption by banks has accelerated since the start of the pandemic, as banks seek to cut costs and ramp up digital transformation projects. But challenges around security, governance and skills remain. What is the state of cloud-based banking in 2021? What are banks’ drivers and strategy for cloud adoption and what barriers do they still need to overcome?

Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Capturing Value in the Cloud, incorporating data from over 200 global banking IT executives.

Key Findings


  1. 72% of IT executives at banks report that incorporating the cloud into their organisation’s products and services will help them to achieve their business priorities, with nearly half (47% saying it will do so “to a great extent”).
  2. Business agility, elasticity and scalability are together cited by 40% of respondents as top drivers of cloud adoption.
  3. 82% of IT executives say they have a clear strategy for adopting cloud technology
  4. 81% of respondents agreed that a multi-cloud strategy will become a regulatory prerequisite by 2025

Read full report here

Whitepaper: Write Access and the Future of Third Party Payment Initiation in Australia

Basiq and Ernst and Young have collaborated to write a comprehensive white paper looking at the future of write access in Australia (download link at end of page)


It compares and contrasts two implementations of ‘write access’ for payment initiation – one falling under the Consumer Data Right (CDR) and the other under the New Payments Platform (NPP’s) PayTo. It suggests the extensibility of ‘actions’ outside of payments has been an important policy development by Treasury.


The paper ‘Write Access & The Future of Third Party Payment Initiation in Australia’ is a deep-dive into:

✅ An overview of Open Banking’s development in Australia and its ‘metamorphosis’ moment into the Consumer Data Right (CDR)

✅ A comparison of two forms of Write Access for third party payment initiation – including the New Payments Platform’s (NPP) ‘PayTo’ and CDR’s ‘Action Initiation’

✅ A discussion on the extensibility of Action Initiation outside of solely payments, hinting at unlocking new economy-wide use cases

✅ An investigation into lessons learnt from the United Kingdom and Europe for both Read and Write Access

✅ A proposal for future research into the potential for global cross-border data sharing


The paper is a useful resource for other countries who are currently emulating, and building upon, the CDR policy in their own geography – such as Canada and New Zealand.

Download Now

You can download the white paper using the link below

New CreditorWatch research: fintechs driving change in financial services

Sydney, 29 September 2021 – Leading commercial credit reporting agency CreditorWatch is today launching its Future of Fintech 2021 thought leadership paper, which is a comprehensive overview of the state-of-play across Australia’s vibrant fintech sector.

This year has been a watershed for the local fintech sector, with a number of pivotal transactions, including US digital payments leader Square’s $39 billion acquisition of buy-now-pay later pioneers Afterpay and, more recently, global fintech platform, Airwallex’s highly successful $275 million Series E capital raising, which valued the business at more than $5 billion.

“These are just two of a slew of deals that have been completed in the local fintech sector this year, which has been buoyed by the strong uptake of digital technologies as a result of COVID lockdowns, among other trends,” said CreditorWatch CEO Patrick Coghlan.

“The local fintech sector has never been hotter, and our Future of Fintech 2021 thought leadership paper outlines exactly why this is. The paper is part of our commitment to bring new thinking to the market through thought leadership,” he said.

This research explores how fintechs are defining the future for financial services, examining new technologies such as artificial intelligence and machine learning, new business models and new regulatory and market structures, such as open banking.

The paper was developed following an extensive research process, as well as exclusive interviews with leading members of Australia’s fintech sector, including global payments platform Adyen, global payments leader Airwallex, business loan disrupter Prospa and industry body FinTech Australia.

The report’s highlights include: 

  • Consumer confidence in digital technologies is supporting demand for fintech products and services.
  • Cross-border partnerships such as Westpac’s tie up with fintech 10x will become more commonplace in the future, improving consumer choice for banking products and services.
  • Consolidation is a key trend. Fintechs are banding together to create multifaceted solutions for consumers and businesses.
  • Big banks see fintechs as partners that can help them tap into a new wave of consumer demand.
  • Australian Payments Plus, a merger of the National Payments Platform, BPAY and EFTPOS, will support faster payments and new payment mechanisms, such as an industry standard for making payments with QR codes.
  • Open banking is at a critical juncture. Draft rules for intermediaries have recently been published, supporting a similar model to the UK’s, through which affiliates are sponsored into the system.

The challenge for fintechs is to work out how to survive and thrive in an increasingly competitive market, while navigating new regulations and an ever-changing global marketplace.


Media Contacts:
Hayley Schubert
Sling & Stone
0431 651 418

Mitchy Koper
GM Communications and Marketing, CreditorWatch
0417 771 778

About CreditorWatch

CreditorWatch is a leading commercial credit reporting agency, headquartered in Sydney. From sole traders through to ASX listed companies, more than 50,000 Australian businesses now use CreditorWatch to make affordable, informed credit decisions, avoid high-risk customers 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 (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

Investor Study Report 2020-2021

BTC Markets recently ran a survey with over 1,800 participants to find out more about what the average Australian cryptocurrency investor looks like. Far from the stereotypes perpetuated by pop culture, what we found is that Australian investors are as diverse in their motivations and reasons for investing as their counterparts in traditional markets.

With crypto hitting the mainstream in 2021, this timely report sheds light on the current state of play in Australia’s crypto industry, why investors are increasingly choosing this digital asset class, and what the industry in this country needs to do in order to become a leader in the global crypto scene.

Download the Investor Study Report 2020-2021

Banking Transformation Case Studies (Ultimate Guide by Backbase)

Inside the eBook

10 case studies. 7 chapters.

Leading banks from around the world with actionable lessons on their transformation journey.

This ebook includes everything we’ve learned about banking transformation with 150+ banks around the
world, broken down into brief chapters to guide you on your own journey:

  • Chapter 1 — Launch a digital bank from scratch
  • Chapter 2 — Modernizing banks for a digital generation
  • Chapter 3 — Small vs big: compete with giant & new players
  • Chapter 4 — How to acquire new banking customers, FAST
  • Chapter 5 — Retail banking: 5 star experiences & ratings
  • Chapter 6 — Digitization of business banking
  • Chapter 7 — The VIP treatment in private banking

Download eBook

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