FinTech Voice August 25, 2022 – EY FinTech Australia Census 2022

Tickets are selling fast this year in what will become the biggest Australian fintech conference yet! Book your tickets to Intersekt 2022 soon. We will soon share a separate email this week with what to expect at the conference. Until then, visit the intersekt website for all the updates on the program, roundtables, International Dinner events and more.

Our policy work is also now ramping up. The CDR Non-Bank Lending draft designation instrument consultation by Treasury and the tax treatment of digital assets and transactions consultation by the Board of Taxation are the two submissions we will be working on. You can also attend these roundtables at Intersekt this year to participate in the conversation directly with the regulators. We will soon be announcing our approach for a more proactive engagement with policy makers, government and regulators on our key policy priorities.

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 lendingWe 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 NovBook 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.

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Upcoming Events
  1. October 11 @ 6:00 pm - 7:00 pm
  2. Tech Industry Collective – Connect and collaborate as a collective

    October 25
  3. Singapore FinTech Festival (SFF) 2022

    November 2 @ 7:00 am - November 4 @ 6:00 pm
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