FinTech Voice April 21, 2022

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
Upcoming Events

There are no upcoming events at this time.

Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise