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


Key findings:

  • 76% of Aussie cryptocurrency owners say they made a profit from their crypto investments over the last 12 months.
  • The average profit made by Aussie crypto users over the last 12 months was $10,662.
  • Men were more likely than women to report a profit from their crypto investments (80% compared to 67%)
  • Aussie parents with children under 18 at home were the most likely to make money from their crypto holdings (86%)
  • Men achieved an average $11,357 profit on their crypto over the last 12 months, while women achieved an average of $9,176.
  • More than one in five Aussie cryptocurrency holders said they made profits of over $30,000 (12%).
  • A total of 25% of Australians currently hold, or have held cryptocurrency in the past.

More than three-quarters of Aussie cryptocurrency holders made a profit from their crypto investments over the last year, a survey shows.

The average profit made by Australians buying and selling cryptocurrencies like Bitcoin was more than $10.5k, according to the YouGov survey. Equivalent to nearly two months of the average Aussie salary.

The YouGov survey was commissioned by Swyftx, an Australian cryptocurrency exchange with 350,000 customers. It is the largest survey ever conducted on cryptocurrency in Australia.

Aussie parents with children under 18 at home were the most likely to make money from their cryptocurrency trading, with 86pc reporting a profit. On average, they made $12,428.

“The crypto market ran hot over the last year,” said Swyftx Head of Strategic Partnerships, Tommy Honan. “So even though we’ve just come out of a dip in the market we’re still seeing a lot of Aussies reporting profits on their trades over the last 12 months.”

“Aussie Millennials and Gen Xers saw especially big returns, with around one in five (19%) saying they made more than $20,000 over the last year from cryptocurrency. Aussie mums and dads appear to have been especially successful, as well as men in general and crypto users who report a strong or some understanding of the market.”

“A lot of Aussie crypto users are buying and selling relatively small amounts of digital assets, but accumulating pretty significant returns in the process. At the top end of the performance range, we saw around 12% of people make over $30,000 over the last 12 months.”

In terms of location, crypto users in Brisbane were the most likely to report a profit (83%), followed by Sydney and Melbourne (both 76%) and then Perth (68%).

The value of cryptocurrencies like Bitcoin, Ethereum and Cardano have surged over the last 12 months, with the total market capitalisation of all coins rising from USD $366bn (August 10, 2020) to $1.9tn (August 11) this year.

Honan said he expected to see further improvements in the market this year following a market fall in May and June.

“Experienced investors have been buying the dip in the expectation that Bitcoin could hit the USD $100k price by the end of the year,” he said.

“If you are a new to crypto, or want to build your confidence, my main message would be to do your homework on the market before you buy.

“The group who were least likely to report a profit on their crypto holdings over the last year were people who said they had little or no understanding of the market.

“At the moment, this is a relatively small proportion of crypto users in the country, just 16% report having little or no understanding. But for this group and anyone who wants to grow their confidence, it really is essential to do your research.”

“Pro tips are to research the team behind any digital assets you are thinking of buying, and also look at indicators like the size of a coin’s market and its liquidity.”


  • The survey was commissioned by Swyftx and carried out by YouGov between 19 – 24 July, 2021.
  • In total, 2,768 adults were surveyed, including 513 current holders of cryptocurrency.
  • The figures were weighted using ABS estimates and are representative of all Australian adults (aged 18+) nationally.

Deepening Financial Services Adoption: Whitepaper by FSS Tech

The White Paper explores Financial Inclusion initiatives in the Pacific Islands, supported and funded by the Central Banks of the Pacific Island nations, the Australian and New Zealand Governments, the European Union, the United Nations and the Asian Development Bank.

It studies global best practices in Financial Inclusion, including the world’s largest Financial Inclusion program – the India Post Payments Bank and the South Africa Post Office initiatives, supported by FSS Technologies’ Digital Payment Solutions. The use of Biometric and Smart ID based authentications, Mobile Payments and Card Payments have had a strong impact, and enabled the deepening of financial access to the underserved.

Globally, Financial Inclusion initiatives have gained importance, as the focus on reducing income distribution disparities increases. The emphasis on enabling a larger percentage of the world population to be educated on financial services, and providing them access to basic and mainstream services such as accounts, payments, affordable finance and more, has spurred innovation, with technology emerging as a key enabler for Financial Inclusion. And the outcomes have not been disappointing. According to the World Bank Financial Inclusion Database (Global Findex Database 2017) , a study of financial access in low income economies demonstrates the quantum leap that certain economies have taken in providing access to individuals to basic financial services such as accounts. At a regionally aggregated level, the percentage of the population over 15 years having access to a bank account, increased from approximately 32% in 2011 to almost 70% in 2017 in South Asia, from 20% in 2011 to <40% in 2017 in Sub-Saharan Africa and from 40% in 2011 to <65% in Europe and Central Asia, the largest gainers of financial inclusion in this period.


A practical guide to tiered accreditation

As the Consumer Data Right entered its second year, Treasury published its highly anticipated proposed v3 rules amendments. It includes what has come to be known as tiered accreditation – new models to access CDR data in addition to the existing unrestricted Accredited Data Recipient model.

These rules are meant to drive adoption by creating a thriving ecosystem of CDR participants, delivering valuable use cases to consumers and businesses. They offer lower barriers to entry, limited access models and ways to share liability and responsibilities between participants.

The proposed models include:

  1. Trusted Advisor
  2. Sponsorship model
  3. CDR insights
  4. Representative model
  5. Collecting Outsourced Service Providers (COSP)

With 5 new models to get access to CDR data (plus the existing one), it can be difficult to figure out what’s right for you.

Download the guide here.

MoneyWorks – the latest accounting platform to integrate e-Invoicing

E-Invoicing is gaining traction in Australia. The proof is by the uptake of cloud accounting software providers who are integrating this functionality into their platforms. 

MoneyWorks is the latest software solution to add e-Invoicing as a standard to their capabilities. They have partnered with Link4, a Peppol accredited Access Point provider, to enable their users to send and receive e-invoices through the MoneyWorks platform. 

In 2020, the Australia Taxation Office (ATO) mandated e-Invoicing for government departments and agencies. The May budget also included $15.3 million towards increasing the adoption of e-Invoicing within Australia. Although e-Invoicing is not yet mandated for Australian businesses, cloud accounting firms have taken notice. They’re realising the benefits that e-Invoicing has for their clients, and how providing this service through their platform creates a seamless user experience. 

“E-Invoicing is now being provided as standard by cloud accounting companies,” says Robin Sands, CEO of Link4. “Businesses don’t have to stop and think about it – it just happens seamlessly from within their accounting system allowing even the smallest of businesses to experience the benefits of e-Invoicing.” 

Mandatory adoption of e-Invoicing is on the horizon, and MoneyWorks are already allowing their users to connect to the Peppol network starting from $0/month. “The benefits that e-Invoicing adoption brings are significant,” says Robin. “e-Invoicing saves time, money, is more accurate and much more secure than traditional methods of sending and receiving invoices.” 

“It’s great to see that the latest version of MoneyWorks helps businesses adopt e-Invoicing in a very seamless way.”

Contact Information: 

Alice Brook | Link4 Marketing 

About Link4 

Link4 is an invoice delivery service designed to add-on to current cloud accounting software which can enhance the transactional process of an organisation. It delivers invoice data directly to where it needs to end up. This automates the process and eliminates the need for paper, human error and time required to process an invoice normally. Link4 provides a service that can increase cash flow, efficiency in the workplace and is more secure than traditional methods. 

Link4 has integrations with more than 12 different accounting/ERP solutions so suppliers can send e-invoices and receive e-Invoices. Additionally, micro-businesses who don’t use any accounting package can use Link4 InvoiceExpress to create and send their Peppol e-invoices. 

About MoneyWorks: 

MoneyWorks is a cloud-based and on-premise accounting solution that helps finance and accounting professionals of every business with general ledger, budgeting, GST tracking and more.

One year in, Open Banking has 12 live Data Holders

On 1 July 2021, one year after the Consumer Data Right kicked off in Australia, Open Banking provider Frollo announces it has launched Data Holder number 12 on their Open Banking platform – taking them from ‘Active’ to ‘Live’.

In addition to the Big Four banks and Regional Australia Bank – who all launched last year – a number of tier two & three banks, mutuals and neo banks are now available via Open Banking, bringing the coverage up to approximately 90%.

When a Data Holder goes live

When Data Holders get the ‘Active’ status on the CDR registry, they become available for Data Recipients to test and enable on their platforms (if all testing goes well). Once a Data Holder is enabled on a platform like Frollo’s, they’re live.

The Frollo Open Banking platform powers the Frollo consumer app and CDR Gateway, enabling business clients to collect and use Open Banking data. Once a Data Holder is live on the platform, they’re instantly available to Frollo app users and clients using the CDR Gateway.

The list of Data Holders that are currently live looks as follows:

  • AMP
  • ANZ
  • Australian Military Bank
  • CBA
  • Judo Bank
  • NAB
  • Regional Australia Bank
  • RSL Money
  • Tyro
  • UBank
  • Up Bank
  • Westpac

Other Data Holders that are currently active on the registry include Suncorp, Macquarie Bank, Volt Bank and Citi, Coles financial services and Qantas Money. More are expected to become ‘Active’ and ‘Live’ over the next few days and weeks.

Live Data Recipients

Like the number of Data Holders, the number of Data Recipients is also growing. Currently, there are 12 Data Recipients accredited to receive Open Banking data.

The big difference is that there are only two Data Recipients actually live in the market: Frollo and Regional Australia Bank. Both have been live since 1 July 2020, when Open Banking launched in Australia.

With over 10 Million Open Banking API calls, Frollo is responsible for more than 95% of all Data Recipient activity to date.

Other Accredited Data Recipients like CBA and Finder haven’t launched their use cases yet, but will hopefully do so in the near future.

Because guess what? Australians can’t wait!



About Frollo

Frollo is a purpose-driven fintech on a quest to help people feel good about money. We use Open Banking data to deliver better customer outcomes, by improving financial wellbeing, reducing debt, increasing savings or quite simply getting a better deal on their finances. 

Our SaaS platform brings together our AI engine, API’s, partner integrations and Open Banking powered solutions for lending and Personal Finance Management. 

Our Frollo Open Banking platform is the market-leading solution to collect and use CDR data. With over 10 Million Open Banking API calls, we’re responsible for over 95% of Open Banking activity to date.


Key Highlights:

  • The BPSP/BPA functionality has been successfully integrated, on time and on budget, across the Spenda Payment suite.
  • The improved functionality will allow the Company to onboard more customers in a shorter time at a 40% increased margin.
  • Customers will be onboarded to the new services via vastly improved AML/KYC deployment processes.
  • Existing customers will be migrated across to the new service stack throughout the month.
  • The Company will continue to build on this significant milestone with several dot releases planned for the remainder of the quarter.

Cirralto Limited (ASX: CRO, “Cirralto” or “the Company”) is pleased to announce the successful upgrade of its payment services with several new features and capabilities that enable full utilisation of the payment aggregator services. This upgrade follows several months of extensive development work since signing the Visa Business Payment Solution Provider (BPSP) and MasterCard Business Payment Aggregator (BPA) agreements with Fiserv, Inc (Fiserv), as previously announced on 7 December 2020 and 14 December 2020, respectively.

SpendaCollect, SpendaPay and the Spenda app have all been upgraded and utilising the BPSP and BPA functionality will enable the Company to aggressively target the payments market across multiple industry sectors.

The new functionality within the Spenda payment stack is a significant and fundamental milestone for the Company. At this key inflection point, not only does it change the size of the customers that the Company can pursue, from small and medium businesses to distribution chains and national providers, but it also increases the speed and scale that customers can be onboarded. This is a core foundational requirement in the Company’s life cycle, enabling the Company to strive towards sustainable revenue growth.

Spenda can now be deployed as a single service to replace the four most common payment services offered by businesses, being:

  • Electronic Funds Transfer (EFT);
  • BPAY or bill presentment;
  • Credit card via the seller’s website; and
  • Finance or pay by the month.

By securely processing payments at a lower cost than traditional merchants, the Spenda service is a very compelling payments option for businesses.

Businesses are often deterred from changing systems or software due to many factors, including disruption to their business, having to retrain staff and cost. However, the integration capabilities of Spenda enable a light touch implementation of the product suite, as it works with and complements the businesses existing systems, rather than replacing them.

Furthermore, and a key point of difference from other payment providers, is the ledger-to-ledger integration capabilities. As the technology fully integrates with both the buyers and sellers accounting systems at the time of processing a payment, the transaction is automatically posted in the respective Accounts Receivable and Accounts Payable ledgers.

This unique and powerful integration point reduces administration effort (by not having to enter the transaction manually), reduces the risk of errors (as both the buyer and seller are working off the same dataset) and reconciliation effort for both parties. In addition, the new Spenda payment suite offers users access to working capital at the point of activity to address common cash flow symptoms that cause late payment in commercial relationships. In essence, this allows the buyer to opt for the ‘Buy-Now, Pay-Later’ option, at the point of purchase, conditional upon them meeting the standard credit rating checks.

The BPSP and BPA agreements change how the Company authenticates the user relationship, giving us the ability to acquire and onboard customers more efficiently. Through these agreements, the Company can also incorporate a strategic merchant rate that increases Cirralto’s margins on digital payments by up to 40 per cent, which will increase the Average Revenue Per User (ARPU).

With the implementation of the BPSP and BPA functionality, the software now serves as a one-stop, digital payment solution designed to replace disparate payment methods, integrate transactions end-to-end, automate reconciliation and ultimately save businesses valuable time and money.

Through the platform, customers now benefit from:

  • The ability to conduct all business payments on one connected platform that accepts all major B2B payment methods; including credit card transactions, bank transfers and BPAY;
  • Increase payment security and validation with automatic identification of the buyer and seller as linked accounts. This removes the need for manual verification through invoice numbers, customer identification numbers of BSB and account numbers;
  • Increased clarity with statement based payments that group all outstanding debt owed to a trading partner rather than individual invoices;
  • Improved payment options with the ability to pay one, all or a selected number of invoices in one transaction;
  • Easier reconciliation through ledger to ledger integration that links the payment event to the reconciliation event for both parties, including itemised invoice references matched to discrete payments into the financials; and
  • Competitive pricing with a flat rate on card payments and a capped fee on integrated account payments.

The Company anticipates that this additional functionality will result in an increase in the number of customers processing payments through the card networks.

As referenced in previous announcements, the Company will initially focus its efforts on serving customers in the following addressable markets:

  1. Fashion – where we connect the retailer to the manufacturer;
  2. Education – where we connect the parent to the school and the school to their suppliers;
  3. Food & Food Service – where we connect food producers to suppliers and food retailers to food producers;
  4. Home Furnishings and Specialist Retail – where we connect retailers to manufacturers; and
  5. Automotive – where we connect vehicle owners to service providers.

The Company’s Managing Director, Adrian Floate, stated:

“The last 12 months have been a transformational period for the Company, moving from pure development to launching and commercialising new products. We are now at the beginning of what we anticipate to be an exciting phase of sustainable revenue growth. All this has been achieved during a challenging period, not only for the Company but for the global economy, with the impact of the COVID-19 pandemic. With this in mind, I personally want to commend the entire team for what they have achieved to date.

We have focused our development teams on crafting software that drives improvements for our customers and our customer’s customers. We have entered into new strategic relationships that expand our service capability and, in the past few months, we have developed a payment solution that bundles the most common ways businesses pay each other into a single solution. We have done all this while maintaining double-digit quarter on quarter growth.

As we move into the next phase of business commercialisation, we do so with a clear view on continuing innovation, addressing customer needs and a belief in our vision to positively change the way businesses do business.”


Welcome to The Emerging Affluent: Fight for the future market

In this volume, we consider The Emerging Affluent – a younger, well-educated, mostly professional Advisable Australian who have tremendous potential as financial advice clients both now and in the future. The Emerging Affluent, as the name suggests, is on the way to becoming affluent – a group of people with more potential to earn. There are 1.5 million of them who control about $2.2 trillion of household wealth.

This report is a playbook for financial advisers on how to attract, manage and retain The Emerging Affluent: Read this report to get an understanding of:

  • A profile of The Emerging Affluent – Get a great appreciation of the Emerging Affluent, by not just understanding their basic demographics like age, occupation and household wealth, but their defining wealth characteristics such as financial capacity, literacy and wellbeing. We also explore their usage of technology and attitudes and influences in selecting a business.
  • Marketing to acquire The Emerging Affluent: Learn the most appropriate tactics to market and enhance your brand proposition to acquire The Emerging Affluent.
  • Evolving your advice proposition to The Emerging Affluent: Learn how to tailor your advice and service proposition to The Emerging Affluent, with a consideration of technology and communication preferences.

The Advisable Australian Survey which is the basis for these reports was conducted by CoreData and in the field from September 28 to October 10, 2020, and received 1,012 valid responses consisting of 618 responses from those ‘currently advised’ by a financial adviser, 235 ‘never advised’ and 159 ‘previously advised.

Upcoming Events
  1. EY FinTech Australia Census 2021

    October 20 @ 11:30 am - 12:30 pm
  2. FinTech Connect: Share. Network. Grow.

    October 20 @ 3:00 pm - 4:00 pm

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally


Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise