Fundsquire is a global fintech that invests growth capital in innovative businesses in Australia, Canada, and the UK. Through its advance funding and resources, Fundsquire helps clients accelerate and strengthen the value of their business. As an Intersekt sponsor and panel speaker, Fundsquire continues to empower the Australian startup ecosystem.

FinTech Australia EY Census – If you work with a fintech, the EY FinTech Australia Census survey is for you to help us understand the views of the ecosystem and help with our policy priorities. It is a highly valued source of information for both regulators and government. The survey is open till 9th September.

Policy Advocacy – Government released the final report of their sectoral assessment for non-bank lending, We recently made a submission to the crypto-asset reform consultation paper. ASIC outlined its core strategic projects and priorities for the next four years. The Board of Taxation launched consultation on the tax treatment of digital assets and transactions. For more updates on policy, check out the advocacy section below

Intersekt and following events – We’re excited to bring you this year’s Intersekt Pitch Night 2022. It is in collaboration with Seed Money, Mastercard, Dialpad and Seed Space . Express your interest to pitch your fintech to investors and to win amazing prizes.

In collaboration with Currencycloud, join the webinar on Reinventing wealth management as a part of our Intersekt 2022 pre-conference Digital Series. Hear from speakers from Pearler and Currencycloud as they discuss the landscape of wealth management in Asia-Pacific and Australia and more. Register for the event here

Lastly…

Austrade in collaboration with the RegTech Association of Hong Kong and The RegTech Association Australia are presenting webinar on Latest Developments in RegTech and Business Opportunities in Hong Kong. Register for the event – 25 August 2022

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

Finally, we welcome our newest member this fortnight – DOX AI (Ezidox – Lakeba Group), CHIPPIT PTY LTD and DELTAPEER

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

Treasury consults on CDR Non-Bank Lending draft designation instrument

On Friday the Government released for consultation a draft designation instrument which sets out the scope of datasets and data holders proposed to be designated for the CDR in the non‑bank lending sector.

Treasury also released the final report of their sectoral assessment for non-bank lending, which informed the drafting of the designation instrument. The sectoral assessment was the first of Treasury’s assessments of ‘Open Finance’ sub‑sectors for inclusion within the CDR.

FinTech Australia contributed to the consultation on the sectoral assessment in April and we plan to make a submission on the draft instrument and subsequent related draft rules.

The consultation closes on 16 September 2022.

Government outlines next steps on crypto asset reforms

This week the Government announced work on crypto reform is underway. A ‘token mapping’ project will be the first step under the new Government’s reform agenda, with a consultation paper to be released ‘soon’.

It appears the Government is taking a more gradual approach to developing a regulatory framework for crypto assets, in contrast to the previous Government’s consultation before the federal election on options for licensing and custody requirements.

FinTech Australia made a submission to that consultation process and we look forward to continuing to work closely with Treasury during the token mapping consultation process.

ASIC identifies crypto assets and cyber resilience as core strategic projects

This week ASIC outlined its core strategic projects and priorities for the next four years.

Notably, ASIC flagged volatility in the crypto-assets market as having a transformational impact on the regulatory environment and that the regulator will take action to protect investors from harms posed by crypto-assets. This action will include a stronger focus on supervising and assessing product disclosure statements and target market determinations.

Cyber and operational resilience was also highlighted as a core strategic project, with ASIC to take a more proactive approach which will include implementing a cross-industry self-assessment to benchmark cyber resilience.

The Board of Taxation launches consultation on the tax treatment of digital assets and transactions

Consultation has commenced on a review into the appropriate policy framework for the taxation of digital assets and transactions in Australia.

The Board of Tax is seeking feedback to assist with identifying emerging tax policy issues associated with crypto assets, considering the current tax treatment of crypto assets, and considering the awareness of the tax treatment by both retail and wholesale investors.

The review was originally announced by the previous Government last December, with Terms of Reference released this March, shortly before the federal election. The current Government’s decision to proceed with the review is a positive sign that we might soon see progress on other matters that formed last year’s broader Government response to the review of Australia’s payments system and the regulation of digital assets.

The Board of Tax is seeking written submissions by 30 September 2022 and will provide a final report with advice to Government by the end of this year.

📇King & Wood Mallesons CRYPTO ASSET CONSULTATION ON AUSTRALIA’S HORIZON. Australia’s Treasury Ministers announced consultation on a framework for regulation of the crypto asset sector for industry and regulators. For more, visit here

💭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.

🔍 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

🇭🇰 Hong Kong Fintech Week 2022 is here – one of the largest conferences on the calendar, attracting more than 12,000 senior executives and featuring over 250 of the world’s top speakers including FinTech founders, investors, regulators, and academics. 31 Oct – 4 Nov. Book your pass now

💻 Join the #RegTechEdgeNoBorders program by The RegTech Association which is designed to showcase RegTech solutions that address the global challenges across a complex regulatory landscape – 8 Sept. Register for the event today!

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

• Ziksu receives International Fintech Award One Year after launching
• WNS is Becoming a Trusted Partner for FinTech Companies

• Australian govt embarks on crypto stocktake ahead of sector regulation
• BNPL FinTech valU Acquires Paynas to Expand Offering in MENA

Dear Community,

It’s been an exciting fortnight with Finnie award winners announcement at the Gala night in Melbourne. Congratulations to all the winners and finalists. Pictures and videos from the night are also now available. Thank you to all for making it a huge success.

It’s business as usual at FinTech Australia. We will strengthen our focus on driving the policy agenda with the new Government. We will also be engaging with all the regulators to discuss the key priorities.

Our immediate priority is regarding the independent review of the Reserve Bank of Australia (RBA). we welcome this review and support a holistic consideration of the RBA’s performance and mandate. We are also excited about the launch of Payto. While we wait for the banks to enable it to their customers, we look forward to the ramp up of the system and use cases that come from it. We will be advocating on behalf of our members for reforms of payment regulation alongside decisions about CDR.

We are also close to finalising the program for Intersekt this year. It’s going to be bigger than ever and will have more updates to share soon. Early bird tickets are now available for purchase. If you have any suggestions, please reach out.

We’re headed to our next meetup in Brisbane on 13th July. Register early as we have limited space for the event.

For any queries, feedback or suggestions please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

The Council of Financial Regulators

The Council of Financial Regulators highlighted in their release about their immediate focus areas including debanking, crypto assets, stablecoins (& payments), CHESS replacement, dispute resolution, interest rates, & sustainability & climate disclosure standards.

Thank you to all the members who participated in the debanking roundtable. We will continue to engage with the Council and individual regulators.

🤝🏻 Monetary Authority of Singapore is hosting its Global FinTech Hackcelerator 2022. It is a great opportunity for fintech companies to gain access to some of the fastest growing markets in Singapore and the region. Applications open till 10 July. For more info, visit here

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

🤝🏻 Stone & Chalk powered by Pivott presents the Pivott Talent Jam. Get a chance to pitch your company and ideal candidate criteria in under a minute. Passionate jobseekers will then participate in a speed networking session – 5 July. Get your tickets here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

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

• Mambu partners with CommsBank to develop Unloan, the CBA group’s new digital home loan
• WeMoney Announces Winners of Inaugural Personal Loan & Car Loan Awards
• Zai waives PayTo fees, saving Australian businesses thousands of dollars
• TreviPay has teamed up with payment processor Compaynet to power its B2B trade credit product
• Link4 is expanding its services to the United States with the support of an export grant through the Government of South Australia.
• Bendigo and Adelaide Bank partnered with Sandstone Technology to transform and streamline their loan processing systems and processes.
• Lensell releases an article – part of 4th in the in the “OpinionaTech” leadership series
• Nano announces major B2B expansion plan to bring fast, digital mortgages to all

• Europe’s largest crypto exchange WhiteBIT enters the Australian market
• Infibeam Avenues forays into Australian payments markets
• New banking app Chippit launches in beta in Australia

Dear Community,

It’s almost the Finnies Gala Night! If you are unable to make it for the in-person event in Melbourne, we will still have it streamed online! Plan your own little home/office party. Add the details to your Google or Outlook calendar or save the Youtube link.

Watch this space for the Intersekt fintech conference launch and more updates about our plans for the new financial year. After our three successful roadshows in Adelaide, Sydney and Melbourne, we’re headed to Brisbane on 6th July. Register early as we have limited space for the event.

We’re also excited to have recently added five new corporate partners – 1835i, OneSpan, Endava, Palo Alto networks and Thales. If you are require any support from them, please reach out to us. We thank them for their support and look forward to working with them closely. Exciting initiatives planned.

For any queries, feedback or suggestions please reach out to us.

We recently made our submission for the Treasury’s Crypto asset secondary service providers Consultation. Rest can be accessed through the Policy section below.

Finally, we welcome our newest member this fortnight – DINEIRO PTY LTD, CARD ACCESS SERVICES PTY LTD and APICKLE

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia

Two consultations to enhance the digital asset ecosystem

Thank you to all members who shared their inputs on the call with our policy partner King and Wood Mallesons.

Please find the final submission to the Treasury’s Crypto asset secondary service providers Consultation.

Roundtable on debanking

The Council of Financial Regulators which comprises of Treasury, APRA, RBA, ASIC, AUSTRAC and ACCC are tasked with writing an options paper on de-banking. We will continue to seek suggestions/feedback from our members and follow-up with the council to ensure there is further action taken.

🤝🏻 Monetary Authority of Singapore is hosting its Global FinTech Hackcelerator 2022. It is a great opportunity for fintech companies to gain access to some of the fastest growing markets in Singapore and the region. Applications open till 26 June. For more info, visit here

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

📣 Tune into a Breaking Banks Fintech Podcast’s 444th Episode on Rise of Embedded Finance in Australia & Digital for good. Sponsored by Austrade, some great minds will join the session to talk about how Australian capability can act as a launch pad for global innovations, and investments within the fintech and insurtech ecosystems. Check out the 30-min session here.

💻 Join ASEAN Online Workshop Series presented by AWS to learn how to approach modernisation journey, sustainably. Learn more about specific application workloads such as Windows, SAP and Databases on AWS. Register for the session here

📁 Oracle is hosting its Fintech & Cloud Native webinar. The team will come together to talk about the best practices for adopting cloud native architecture in Fintechs on Oracle Cloud Infrastructure – 21 June. Click here for more info and registration

🤝🏻 Stone & Chalk powered by Pivott presents the Pivott Talent Jam. Get a chance to pitch your company and ideal candidate criteria in under a minute. Passionate jobseekers will then participate in a speed networking session – 5 July. Get your tickets here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

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

• LAB Group integrates with Praemium to deliver secure onboarding and improve user experience
• Nano Digital Home Loans is extending its product suite to help home buyers and property investors navigate Australia’s complex housing market.
• Radium Capital in funding boost for Spacecubed Accelerator
• Currencycloud gains ASIC licence to operate in Australia
• Mambu released a new report on how banks can be more sustainable
• Basiq launches Smart Payments to accelerate Australian fintech ecosystem
• Dacxi conducted a research Australia’s wealth health
• InvestHK introduces expanded programme for Global Fast Track 2022 to help fintech companies connect with Asian corporate clients and investors
• Change Financial announced its partnership with Finzsoft to sign agreements with four New Zealand mutuals to offer direct issuing, processing, and card management solutions
• Mambu partners with Western Union to integrate its solution into the latter’s next generation real time multi-currency digital wallet
• TreviPay recently teamed up with payment processor Compaynet to power its B2B trade credit product
• Zai waives PayTo fees, saving Australian businesses thousands of dollars
• WeMoney announces winners of inaugural personal loan & car loan awards
• Mambu partners with Commonwealth Bank of Australia (CBA) to develop Unloan, the CBA group’s new digital home loan

• Open banking fintech Bud closes $80m Series B funding round
• Aussie payments regulator sets out QR code guidelines
• Viola Credit closes $700M fund to provide asset-based lending to fintech startups

Rehan D’Almeida,
General Manager,
FinTech Australia

Two consultations to enhance its digital asset ecosystem

Our members have shared their initial thoughts with our policy partner King and Wood Mallesons. We are currently drafting the final submission.

Statutory Review of the Consumer Data Right: Issues paper

The paper released on 16 March seeks written feedback on whether the CDR framework is fit-for-purpose to provide benefits for consumers, increase competition, and drive innovation and will inform the Review. It sets out the purpose, Terms of Reference, and context for the review, relevant background on the development of CDR policy and legislation over time, and specific consultation questions. The issues paper can be found here.

The submission can be found here.

🤝🏻 ITC Asia is back with an in-person event at Singapore Suntec Convention & Exhibition Centre from 7 – 9 June 2022. The 3-day event will showcase new innovations, share how to increase productivity and reduce costs, and ultimately aim to enrich the lives of policyholders. Pre-conference workshops & kick-off reception on 7 June 2022. Learn more about the event here.

💹 Stand with Ukraine by working with some of their best design and dev teams on your upcoming projects. In a situation that feels bigger than all of us this is an opportunity to support other professionals and their families, where in some cases they may be forced to live on a single income. Visit here to know more.

📇 Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

🌐 Google Australia is presenting a startup event: Innovate & Grow with Google. Join the team on 9 June 2022 to learn how Google is helping Aussie startups build, grow and scale. They are bringing together founders, VCs and Google specialists for an afternoon of innovation, connection and fun! For more info, visit here

💭 Think & Grow in association with Hi-bob presents Attracting and Retaining Talent in Tech. Learn how to attract and keep the best in a hyper-competitive market. Join the team on June 7, 8 AM at Alto Event Space in Melbourne for a panel and networking breakfast. Register here

🔐 The RegTech Association will be holding an event on 2 June to learn more about solutions for employment compliance for your own business, your clients/customers and/or stakeholders. This Open4Business will allow you a sneak peek into what problems these solutions and approaches address. Book your slots for the online session.

📁 Oracle is hosting its Fintech & Cloud Native webinar. The team will come together to talk about the best practices for adopting cloud native architecture in Fintechs on Oracle Cloud Infrastructure – 21 June. Click here for more info and registration

💸 Basiq is bringing data and payments together to create a true open finance platform. This is an event you don’t want to miss as they unveil Open Banking payments via the Basiq platform, to enable richer customer experiences and insights. Join them for an afternoon of exciting industry & platform updates + stick around for a drink and chat afterwards with people in the Fintech community – 7 June 2022. Register today.

💰 FinTech’s biggest conversation, Money20/20 Europe is back to Amsterdam this 7 – 9 June 2022 – place where the fintech community loves to do business and this year it’s bigger, sharper and giving unparalleled show experiences. Visit here to know more and register. Discount code – FIN200

🤝🏻 Stone & Chalk powered by Pivott presents the Pivott Talent Jam. Get a chance to pitch your company and ideal candidate criteria in under a minute. Passionate jobseekers will then participate in a speed networking session. Get your tickets here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

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

• Spenda on how digital payment technologies and process automation are helping businesses capitalise on stronger growth opportunities
• Bupa elevates car, home and travel insurance offerings in partnership with Open
• MyBond – a start up journey to scale up to support the underdog renters and the community
• InDebted launches into the UK
• Sandstone on Mobile Banking Apps – The good, the bad and the ugly
• Moneytech, partners up with Vow Financial|Yellow Brick Road to further strengthen their lending panel.
• DataCo Technologies, a new Australian startup born out of 1835i has launched a pioneering new technology platform.
• MyBond turns one and embarks on a celebratory scale-up
• DNX Solutions has launched the Data Modernisation Solution, a customised and comprehensive solution for businesses

• PEXA purchases 25 per cent stake in AI fintech company Elula
• ‘Super apps’ to take on dominant big banks
• How CPA Australia and the CPA Program can act as a stepping stone for serving international clients
• FinTech and RegTech industry eager to work with new government

Firstly, congratulations to all the finalists of this year’s Finnie Awards! We thank all our judges for the difficult task of evaluating and shortlisting the finalists. The final round of judging has already started. We are close to opening ticket sales for this year’s gala night. After two years of virtual events, we’re all looking to celebrate the night together on 23 June 2022 at The Forum, Melbourne.

Thank you for tuning in to our podcasts every week. We would like to hear your thoughts on our sessions through a quick one-minute survey to improve your experience.

Our policy work is ramping up. We are currently working on the Review of the Tax Treatment of Digital Assets and Transactions in Australia, the Crypto asset secondary service providers via Digital Services Act and the Statutory Review of the Consumer Data Right. More details about each are mentioned in the advocacy section.

We’re excited to launch Australia’s Global Partner page in collaboration with the IAEngine. With this partnership, we mark a journey of exchanging fintech insights and capabilities and further drive the global fintech partnership program. Check out the website here.

Finally, we welcome our newest member this fortnight – ZIPMEX AUSTRALIA PTY LTD, UPPLFT and ONEZERO FINANCIAL SYSTEMS

Regards,

Andrew Porter,
CEO,
FinTech Australia

Digital ID – NSW Consultation

The NSW Government is consulting with industry on the NSW Government Digital Identity and Verifiable Credentials program.

Jointly with the private sector, they intend to transform how individual customers, businesses and non-government organisations use digital identity and verifiable credentials making core operational transactions more efficient, easier to use and with increased security and safety.

We’re seeking inputs from our members.

Two consultations to enhance its digital asset ecosystem

1. The Australian Treasury is consulting on market design and custody requirements for crypto asset service providers;
   c2022-259046.pdf (1.6 MB)
   Responses to the Consultation Paper published by Treasury are due by 27 May 2022.
2. The Board of Taxation is conducting a review of crypto assets; The Board of Tax’s terms of reference can be found here.
   The Board has not set a date by which consultations will close.

We’re currently seeking member feedback for this review.

Statutory Review of the Consumer Data Right: Issues paper

The paper released on 16 March seeks written feedback on whether the CDR framework is fit-for-purpose to provide benefits for consumers, increase competition, and drive innovation and will inform the Review. It sets out the purpose, Terms of Reference, and context for the review, relevant background on the development of CDR policy and legislation over time, and specific consultation questions. The issues paper can be found here.

We’re currently seeking inputs from our members on this paper.

📱 Visa brings an opportunity to engage and learn from a community of passionate and purpose-driven creators with their Visa Creator Program. For all digital-first creators and artists in Asia Pacific who are serious about incorporating NFTs into their business. Learn more about the program here

📈 The second annual Technology Scale-up Awards are open for nominations until Thursday, 26 May 2022. The awards, which will be hosted virtually on Wednesday 24 August, celebrate disruptive Australian technology businesses that demonstrate high rates of sustainable growth, as well as innovation, integrity, and contribution to community. For nominations or applications, click here

🤝🏻 ITC Asia is back with an in-person event at Singapore Suntec Convention & Exhibition Centre from 7 – 9 June 2022. The 3-day event will showcase new innovations, share how to increase productivity and reduce costs, and ultimately aim to enrich the lives of policyholders. Learn more about the event here.

💹 Stand with Ukraine by working with some of their best design and dev teams on your upcoming projects. In a situation that feels bigger than all of us this is an opportunity to support other professionals and their families, where in some cases they may be forced to live on a single income. Visit here to know more.

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

📁 Oracle is hosting its Fintech & Cloud Native webinar. The team will come together to talk about the best practices for adopting cloud native architecture in Fintechs on Oracle Cloud Infrastructure – 21 June. Click here for more info and registration

🧾Hosted since 2016, the flagship #TechDiversity Awards showcase what they have achieved across sectors in building diversity and inclusion within technology workforces. Join the team at the #TechDiversity Awards Gala Dinner – 26 May 2022. Buy your tickets here

💰 FinTech’s biggest conversation, Money20/20 Europe is back to Amsterdam this 7 – 9 June 2022 – place where the fintech community loves to do business and this year it’s bigger, sharper and giving unparalleled show experiences. Visit here to know more and register. Discount code – FIN200

🤝🏻 Stone & Chalk powered by Pivott presents the Pivott Talent Jam. Get a chance to pitch your company and ideal candidate criteria in under a minute. Passionate jobseekers will then participate in a speed networking session. Get your tickets here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

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

• Loan Market Group and Nodifi merge asset finance operations to deliver industry-leading capabilities
• Currencycloud appoints Australian Country Manager, Nick Briscoe, formerly MD of Finalto in Australia
• Choice Hotels International is set to deploy e-commerce platform TreviPay’s embedded payments solution.
• Monoova and TrueLayer to launch data-enabled payments in Australia using the Consumer Data Right (CDR)
• ShaypeTM supports x15ventures to launch Kit, an innovative kid’s money app
• Lensell released its third article in the “OpinionaTech” leadership series – Is high level portfolio diversification enough?
• Frollo, the Australian leader in Open Banking, recently published a report on consumer attitudes toward sharing financial data by linking their accounts.
• In collaboration with Emerging Payments Association Asia, Currencycloud developed a whitepaper on embedded finance
• Austrade along with Steve Rank and WEVE Acceleration presents an Exclusive Look at the 9 Australian Fintech Companies Hitting the Stage at Demo Day Next Month
• Bridgit is expecting mortgaged homeowners to look away from the big banks to help ease the pain of rate rises
• The Devonport City Council became the first major council in Australia to join the Peppol eInvoicing network with Link4
• Price My Car partners with fintech Nodifi
• Lensell looks at Australian investors’ preferences in the first quarter of 2022, based on the data sourced from their partner Sharesight
• Sandstone Technology – Mobile Banking Apps: Inhouse vs white labeling

• Fintech Zilch launches in US with 150,000 pre-registered customers
• Perth fintech One Click Life aims to list on ASX
• Lumiant Enters U.S. Market with Values-Based Financial Life Advice Platform

The first round of judging the Finnies has now closed. Thank you to the judges for evaluating and shortlisting the finalists. We’re looking forward to announcing the finalists today.

We recently signed up seven new corporate partners – ii-A, Oracle Australia, BSI Group, WNS, Latimer Partners, Probe CX and Jumio Corporation. If you are require any support from them, please reach out to us.

After the success of our second roadshow event in Sydney last week, we hosted our third meetup at Stone & Chalk in Melbourne yesterday. It turned out to be a great evening. Thank you to all those who joined us.

With policy, we are currently working on three pending consultations. These include the Review of the Tax Treatment of Digital Assets and Transactions in Australia, the Crypto asset secondary service providers via Digital Services Act and the Statutory Review of the Consumer Data Right. More details about each are mentioned in the advocacy section. The CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending) which was submitted last week.

Interested to know more about the EU fintech market? We’re co-hosting a webinar with Austrade on 12 May to talk about opportunities and trends in the European market. Register today!

Finally, we welcome our newest member this fortnight – BAXE and MARQETA

Regards,

Andrew Porter,
CEO,
FinTech Australia

Two consultations to enhance its digital asset ecosystem

1. The Australian Treasury is consulting on market design and custody requirements for crypto asset service providers;
   c2022-259046.pdf (1.6 MB)
   Responses to the Consultation Paper published by Treasury are due by 27 May 2022.
2. The Board of Taxation is conducting a review of crypto assets; The Board of Tax’s terms of reference can be found here.
   The Board has not set a date by which consultations will close.

We’re seeking inputs from our members.

Statutory Review of the Consumer Data Right: Issues paper

The paper released on 16 March seeks written feedback on whether the CDR framework is fit-for-purpose to provide benefits for consumers, increase competition, and drive innovation and will inform the Review. It sets out the purpose, Terms of Reference, and context for the review, relevant background on the development of CDR policy and legislation over time, and specific consultation questions. The issues paper can be found here.

We are seeking inputs from our members for this review.

CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending)

Public consultation commenced on 15 March to inform the sectoral assessment for applying the Consumer Data Right to non-bank lending. Sectoral assessments are conducted with reference to the criteria set out in section 56AD the Competition and Consumer Act 2010.

The submission for CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending) was done last week.

📱 Visa brings an opportunity to engage and learn from a community of passionate and purpose-driven creators with their Visa Creator Program. For all digital-first creators and artists in Asia Pacific who are serious about incorporating NFTs into their business. Learn more about the program here

📈 The second annual Technology Scale-up Awards are open for nominations until Thursday, 26 May 2022. The awards, which will be hosted virtually on Wednesday 24 August, celebrate disruptive Australian technology businesses that demonstrate high rates of sustainable growth, as well as innovation, integrity, and contribution to community. For nominations or applications, click here

🤝🏻 ITC Asia is back with an in-person event at Singapore Suntec Convention & Exhibition Centre from 7 – 9 June 2022. The 3-day event will showcase new innovations, share how to increase productivity and reduce costs, and ultimately aim to enrich the lives of policyholders. Learn more about the event here.

💹 Stand with Ukraine by working with some of their best design and dev teams on your upcoming projects. In a situation that feels bigger than all of us this is an opportunity to support other professionals and their families, where in some cases they may be forced to live on a single income. Visit here to know more.

📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia’s domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.

🧾 Trade Ledger is hosting a live panel exploring the biggest challenges banks face in information security, the latest trends in technology, and how to stay compliant with the changing regulations. Register here to join the panel discussion – 17 May 2022.

💰 FinTech’s biggest conversation, Money20/20 Europe is back to Amsterdam this 7 – 9 June 2022 – place where the fintech community loves to do business and this year it’s bigger, sharper and giving unparalleled show experiences. Visit here to know more and register. Discount code – FIN200

🤝🏻 FinTech Australia in association with Austrade are hosting a webinar on 12 May looking at fintech opportunities in the European market. Join the panel to know more about market trends and challenges. Visit here to register

💵 Envestnet Yodlee and FST Media are jointly hosting a webinar on Open Banking – What it Looks Like, Where It’s Going, and How to Unlock the Benefits. Hear from the top leaders including FDATA, WeMoney, Forrester and Envestnet | Yodlee – 11 May. Register here

💻 Stone & Chalk will be opening a Scaleup Hub at Tech Central in July 2022 to power scaleups that are shaping Australia’s economic future. This is Stone & Chalk’s second Hub in Sydney. To know more about the tour of the hub, visit here

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

• Basiq announced five new customers to access Open Banking
• AgriDigital raises $25M to grow the value of grain
• Zai launches CurrencyFair in the USA, bringing its bank-beating international money transfers Stateside
• Paypa Plane expands to US, appoints payments luminaries to board
• Australia’s Hay Group launches Shaype to reimagine financial innovation and accelerate international growth
• LAB Group announced its partnership with Complii FinTech Solutions Ltd to streamline digital onboarding for Complii’s clients.
• Open Finance platform Basiq announces strategic partnership with FrankieOne
• MyBond partners with the Founder and Chairperson of Hope for the Homeless
• Spenda released a research paper that delivers a holistic overview of insights into the global state of B2B payments
• FinSS Global announced its partnership with Uplinq, the global SME Credit Assessment platform
• Frollo launches Open Banking powered Financial Passport for consumers
• Endava releases a report on real-time payments in Australia – Why corporates should get on board
• MYOB’s new Loans and Finance hub frees funds faster for SMEs
• Lensell released its second article as a part of their though leadership series looking at Australian investors’ preferences in the first quarter of 2022

• Singapore start-up Nium seeks up to $400 million in deals to take on Europe’s crowded fintech market
• ING Bank gets behind Aussie fintech OurMoneyMarket
• Aussie fintech Emmi launches new solution for investors

Hope you all had a peaceful Easter break. It’s been a busy fortnight with new partnerships, industry announcements and more events round the corner. Watch this space for all the updates. In terms of Finnies, we’re already through the judging phase and the finalists will be announced soon. If you’re looking for speakership opportunities for Intersekt 2022, please reach out to us.

After the success of our first meetup in Adelaide, we’re excited for our second roadshow event on April 27th in Sydney followed by the third in Melbourne on May 4th. Join the FinTech Australia team to connect with our partners and fintechs. Limited seats for these events so please register soon.

On the Policy front, we have some consultations ramping up for the fortnight. The key consultations include the CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending) which was submitted last week, Digital economy regulation settings, the Crypto asset secondary service providers: Licensing and custody requirements and the Statutory Review of the Consumer Data Right. More details about each are mentioned in the advocacy section.

The new episode of FinTech Australia podcast is out. In this series we talk about RegTech – what drives the industry forward and how Australia can be seen as the next RegTech center, globally. Tune into our channel to know more. You can now listen to our podcasts on Apple Podcasts and Spotify.

Interested to know more about UAE fintech market and EU fintech market? We’re co-hosting two webinars with Austrade on 26 April to talk about opportunities and trends in the Middle East market and European market, respectively. Register soon for these events.

Finally, we welcome our newest member this fortnight – DOWNSIZER and FRONTYA PTY LTD

Regards,

Andrew Porter,
CEO,
FinTech Australia

CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending)

Public consultation commenced on 15 March to inform the sectoral assessment for applying the Consumer Data Right to non-bank lending. Sectoral assessments are conducted with reference to the criteria set out in section 56AD the Competition and Consumer Act 2010.

The submission for CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending) was done last week.

Statutory Review of the Consumer Data Right: Issues paper

The paper released on 16 March seeks written feedback on whether the CDR framework is fit-for-purpose to provide benefits for consumers, increase competition, and drive innovation and will inform the Review. It sets out the purpose, Terms of Reference, and context for the review, relevant background on the development of CDR policy and legislation over time, and specific consultation questions. The issues paper can be found here.

Andrew is also meeting with Treasury to share member views on this review. If you would like to share any feedback immediately before we email for written feedback, please reach out.

We are currently seeking member feedback for this review.

Australia’s digital economy regulation settings

The Morrison Government has opened consultation on digital economy regulation settings to position Australia as a leading digital economy and society.

The issues paper sets out some of the opportunities presented by these technologies, and seeks feedback on regulatory issues that may impact innovative businesses, the community and government.

The issues paper is available here.

Consultation closes on 22 April 2022 and submissions are to be made here. We will reach out to our members for inputs.

Crypto asset secondary service providers via Digital Services Act

On 8 December 2021, the Government agreed in‑principle to recommendations made by the Senate Select Committee on Australia as a Financial and Technology Centre in respect of consulting on a licensing and custody regime for crypto asset secondary service providers.

The government is now seeking feedback on the proposals and options outlined in this consultation paper to support minimum standards of conduct by crypto asset secondary service providers and safeguards for consumers.

This consultation closes on 27 May 2022. We will reach out to our members for inputs.

The Taxation Board have also released their terms of reference for their Review of the Tax Treatment of Digital Assets and Transactions in Australia.

📱 Visa brings an opportunity to engage and learn from a community of passionate and purpose-driven creators with their Visa Creator Program. For all digital-first creators and artists in Asia Pacific who are serious about incorporating NFTs into their business. Learn more about the program here

🤝🏻 ITC Asia is back with an in-person event at Singapore Suntec Convention & Exhibition Centre from 7 – 9 June 2022. The 3-day event will showcase new innovations, share how to increase productivity and reduce costs, and ultimately aim to enrich the lives of policyholders. Learn more about the event here.

💹 Stand with Ukraine by working with some of their best design and dev teams on your upcoming projects. In a situation that feels bigger than all of us this is an opportunity to support other professionals and their families, where in some cases they may be forced to live on a single income. Visit here to know more.

🧾 Join Accounting Business Expo: 1000s of accounting and finance professionals will unite at the ICC in Sydney to learn how new digital accounting technologies will boost their efficiency, effectiveness and profitability – 28 – 29 April. Register here

💰 FinTech’s biggest conversation, Money20/20 Europe is back to Amsterdam this 7 – 9 June 2022 – place where the fintech community loves to do business and this year it’s bigger, sharper and giving unparalleled show experiences. Visit here to know more and register. Discount code – FIN200

🤝🏻 FinTech Australia in association with Austrade are hosting a webinar on 26 April looking at fintech opportunities in the European market. Join the panel to know more about market trends and challenges. Visit here to register

🤝🏻 FinTech Australia and Austrade are pleased to present a webinar looking at UAE Fintech Opportunities. Tune into the webinar targeting Australian companies interested in the Middle East market – 26 April. Visit here for more info

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

• TreviPay announced its entrance into the corporate accommodations market, with its embedded payments solution being deployed first for Choice Hotels
• Archa has raised $4m in funding and secured a $20m debt facility to accelerate our growth
• Arctic Intelligence have produced their 2022 insights survey to gather data from financial crime risk and compliance professionals across the globe
• Sherlok appoints Steph George as CMO as startup sets its eyes on scaling
• Temenos has been named a leader in The Forrester Wave™: Digital Wealth Management Platforms (DWMP) for Q1 2022.
• CreditorWatch has released its Business Risk Index (BRI) that has revealed that Australian business activity may be finally showing some green shoots around recovery

• Australia and Singapore to deepen collaboration in FinTech
• APAC Regulators Accelerate Fintech Regulatory Efforts Amid Rapid Digitalisation