FinTech Voice: August 13

 

Dear Community,

I would like to specifically acknowledge our community in Melbourne who are going through a very unique and uncertain time. As a Melbourne headquartered company – we feel your pain and the impact of the shutdowns. I would also like to reiterate to all members that you are always welcome to email us.

Planning is well underway for the virtual finnies the application close date is fast approaching with only 1 week left.  We encourage everyone to apply and finalise your applications this week to avoid missing out! This week we once again have a wealth of updates for you regarding policy work, events, and opportunities.

We are also in the process of revamping our policy working groups, making it easier for you to receive information and keep track of all a working group’s progress. Stay tuned for more information soon.

Policy

Yesterday, we hosted a Roundtable with the NPP to discuss an update on the take up and usage of the NPP and the NPP’s roadmap and future capability development. We will also be hosting a Roundtable with AFCA on 10 September to discuss AFCA in respect of their reasoning, fairness and procedural operations. In terms of policy work, we have submitted finalised submissions to the ACCC in respect of the CDR Intermediaries consultation, and to ASIC regarding their informal Enhanced Regulatory Sandbox consultation. We are also currently working with our Blockchain and Digital Currency policy working group in respect to deregulation, and the future of the blockchain roadmap.

Last week I also attended the RDTI Industry Roundtable. Numerous items were discussed but more importantly a discussion was had on R&D and Covid19. We made it clear the importance of R&D for many fintech startups in predicting and there ongoing runway. In addition, we raised points including bi-annual payments, quick and timely payments and the onerous process that it is to claim.

Community Initiatives

Thank you to Entersoft for sponsoring this week’s newsletter. Your support of FinTech Australia and the broader fintech ecosystem is greatly appreciated. We would also like to welcome Payright, Siss Data Services, Valiant Finance and Advisor Ratings as our newest members!

Over the past two weeks, our Five Fintechs on Fridays has featured Cake, Octet, Bizcap, Fractal ad Paycepaid and Birchal, Indebted, Harmoney, Transferwise, and Shift Payments. If you would like to be involved in the next edition as a listed fintech, or sponsor please let us know by reaching out to [email protected].

If you need to chat or want to discuss anything, please feel free to send me an email.

Regards,

Rebecca Schot-Guppy,
CEO
FinTech Australia

 

The Fintech sector is one of the fastest growing industries improving products and services and providing alternatives to conventional financial solutions. With the emergence of online platforms and disruptive technologies, Fintech has become one of the most targeted industries for cybercrime and one that comes with the most regulatory concerns.

Information security is of paramount importance in the fintech industry with breaches causing millions in losses and damage of reputation for many fintech brands. Protecting your customer information and transactional data is your responsibility, and it takes a systematic approach and diligent processes to strengthen the foundations of your cyber security environment. As leaders in the Fintech Cyber Security space, Entersoft is your dependable partner for all Cyber Security needs.

Please reach out to [email protected] or call 0434 366 688 to chat further about how to uplift your cyber security posture.

Consumer Data Right – Intermediaries Consultation

We would like the thank all of our members and partners that have contributed to our submission to the ACCC regarding Consumer Data Right Intermediaries. We would also like to thank K&L Gates for their support in drafting the submission. We could not have delivered such a robust and representative submission without your assistance and support.

Read the Final Submission

ASIC ePayments Review 

Thank you to all the members that have provided feedback on our submission to ASIC regarding the ePayments review. Thank you to the team at DLA Piper, who have been assisting with this submission and to all the members that have contributed.

Read the Final Submission

Enhanced Regulatory Sandbox

Thank you to the members who took the time to speak to provide feedback, and the team from The Fold Legal and King & Wood Mallesons who have been assisting with the draft submissions. We have now submitted our submission to ASIC.

Read the Final Submission

AFCA Roundtable

We are currently organising a Roundtable discussion for members with Evelyn Halls, the Lead Banking and Finance Ombudsman at AFCA. The Roundtable will be held on 10 September, 12:45pm – 2pm. 

During the Roundtable we will be discussing three major topics:

1. Reasoning;
2. Fairness; and
3. Procedural operations.

Workshops and Webinars

#Conference – Copenhagen Fintech Week – Develop Copenhagen as one of the leading Fintech Hubs in the global financial services industry by supporting and catalyzing the next era of technology-led corporate and startup innovators. Deadline extended to September 1, 2020. Register here

#Awards – The Online Startup and Innovation Awards, presented by YBF Ventures, seek to shine a light on the remarkable startups, scaleups and global leaders who are innovating, collaborating and striving towards positive solutions during the pandemic-induced crisis. Registrations close 21 August. Register here

#Webinar – Meet the Challenger Bank Series: INFINITY Bank – Join FinTech Queensland as they talk to INFINITE BANK about the future of banking. Tickets are $10. Register here.

#Accelerator – Start-up Chile are on the hunt for global tech founders – with scalable, high-growth business models – looking to internationally expand their business. August 13, 2020. Register here
#Competition #WomenInTech – Enter She Loves Tech, the world’s largest startup competition for women. Registrations close October 5, 2020. Read more here.