FinTech Voice April 7, 2022

Thank you to all who applied for the Finnies awards this year. It was a mad dash to the finish line but we’re glad you made it! The first round of judging has begun and the finalists will be announced on 3 May 2022. We can’t wait to celebrate this in person after two seasons of virtual awards.

We’re excited for our first roadshow in Adelaide today at 5:30 PM AEST. Join us to learn about FinTech Australia’s plans for the year and connect with other fintechs and partners. The second one is scheduled for April 27th in Sydney. Limited seats for these events so please register soon.

We are currently working on the Submission for CDR Sectoral Assessment (Open Finance sector – Non-Bank Lending) and we will be seeking feedback from our members.

Policy consultations are ramping up and we will be working with all relevant stakeholders for drafting these submissions. The key consultations include the 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.

Interested to know more about UAE fintech marketJoin us with Austrade as we present a webinar for Australian companies looking at opportunities in the Middle East market.

Finally, we welcome our newest member this fortnight – FUNDABL and CRYPTOTAXCALCULATOR

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.

We are drafting a submission to inform the sectoral assessment for applying the Consumer Data Right to non-bank lending. Responses to this consultation will inform Treasury’s final report, which the Minister will consider when deciding whether to designate non-bank lending services. The last date of submission is 12 April 2022 but we are requesting for an extension.

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.

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

🇬🇧 The UK Government, in conjunction with Australian and New Zealand national and state government partners, are hosting London Tech Week (LTW) in-person this year in London from 12 – 17 June 2022 – to collaborate and discuss the vital role of technology in society. Visit here to learn more and register. Applications close on 19 April 2022

💹 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.

🤝🏻 Trevipay is hosting a webinar – Scaling the Summit: The Future of B2B Payments. Some industry leaders will share how companies can get ready today for the future of B2B payments and the massive opportunities it presents from analysis of his latest research – 12 April 2022. Register for the event here

🧾 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

📈 The 5th annual edition of The RegTech Association’s #ACCELERATERegTech2022 is here. An entirely virtual event with Global Growth Corridor theme will have a clear thread of ESG throughout the topics and discussions – 5 – 7 April 2022. Check out for more here

🤝🏻 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. Visit here for more info

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

  • Dacxi observed a huge increase in uptake for its tokenised assets from SMSF customers
  • GPS recently announced new partnership with Mastercard
  • Trade Ledger released its Annual Business Finance Predictions 2022 report
  • Raiz Invest released a case Study on Micro-investing with Envestnet | Yodlee
  • Nodifi recently unveiled Alex Brgudac as new Chief Revenue Officer
  • NAB Ventures Invested in Payment and Data Enterprise Solutions Company DataMesh Group
  • Spenda released a report on investment in smart technology – following the announcement during 2022-23 Federal Budget.
  • Change Financial announced its partnership with Mastercard
  • CreditorWatch appoints Anneke Thompson as Chief Economist (consultant)
  • Till Payments announced Executive Leadership promotions
  • Cape raises $33.1m to simplify spending control systems & eliminate expense reports
  • Yondr Money launched in February and is set to raise up to $1.5 million to fund its expansion as an alternative to mainstream banks
  • Sandstone Technology partners with Brilliance Financial Technology to offer in-built pricing and profitability to the SME Market
  • Frollo conducted a report that shows that the number of fast and reliable Data Holders has significantly increased in Q1 of 2022
  • Probe released a case study on Robotic Processing Automation set to Deliver Significant Savings
Upcoming Events

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