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28th to 31st – Annual FinTech Industry Conference – Intersekt 2018 – in Melbourne with over 500 attendees. Considered the largest gathering of Australian FinTech startups, scale ups, hubs, accelerators, policymakers, regulators, investors and advisors, devoted to examining, discussing and unlocking the potential of the Australia’s FinTech market. 31st – Release of annual EY Fintech Australia Census 2018, generated from an online survey of 151 start-ups, which was released on Monday at FinTech Australia’s Intersekt festival.
22nd to 25th – FinTech Australia in partnership with the NSW Government offered a place to give Fintech Start-ups the chance to be showcased amongst the best of the best from Australia and New Zealand at Sibos 2018. The Oceania Lounge showcased fintech companies from across the region, and will provide the chance for 32 of them to exhibit for 2 of the 4 days.
Equity crowdfunding in Australia has finally been extended to proprietary companies after the government passed legislation through the upper house on September 12th. Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017, has now been passed by both Houses of Parliament and is currently awaiting Assent. It introduces a key exemption, whereby investors who acquire shares by way of CSF will not be counted towards the 50 shareholder cap imposed on private companies, meaning these companies will be able to raise funds from a larger pool of investors.
Victoria fast growing financial technology sector announces that Australia’s largest fintech festival, Intersekt, has been secured by Melbourne for a further two years. The Victorian Government will sponsor Intersekt in both 2018 and 2019, bringing together more than a thousand of the fintech sector’s most creative minds from across Australia and beyond. (???? I haven’t found anything relevant in August/2018 on google and not even our newsroom has an August release so I found this peace).
30th – FinTech Australia announces the dates of its 2018 Intersekt Conference, Monday 29 – Wednesday, 31 October. The festival will offer a curated investor matching program in partnership with EY, the launch of EY FinTech Census and FinTech Australia own Open Banking campaign. 30th – FinTech Australian launches in partnership with EY the 3rd annual Fintech report that seeks to track the growth and evolution of Fintech in Australia. The 2018 EY FinTech Australia Census expects to highlight how regulation and economic factors are influencing Fintech growth.
13th – The Finnies Awards – FinTech Australia and Jobs for NSW have come together for the second year to host the national fintech awards, The Finnies, which celebrates the world-class achievements of Australia’s fintech pioneers, including rewarding people who are overcoming key industry challenges. With a gala ceremony held in Sydney, the winners of the awards were chosen from 89 finalists picked from a record 223 entries, a 40% increase on 2017.
9th -Government agreed to the recommendations of the Review, both for the framework of the overarching Consumer Data Right and for the application of the right to Open Banking, with a phased implementation from July 2019. The Government will phase in Open Banking with all major banks making data available on credit and debit card, deposit and transaction accounts by 1 July 2019 and mortgages by 1 February 2020. Data on all products recommended by the Review will be available by 1 July 2020. All remaining banks will be required to implement Open Banking with a 12-month delay on timelines compared to the major banks.
The ATO has closed consultation on practical compliance issues arising from complying with taxation obligations in relation to cryptocurrency transactions. Seeking particular feedback on issues that may impact a taxpayers’ ability to calculate and substantiate any capital gains and losses for capital gains tax (CGT) purposes, the ATO indicated that the consultation would help direct further cryptocurrency advice and guidance products from the ATO.
22nd – Australian FinTech companies will benefit from improved access to global markets thanks to an agreement with the United Kingdom, signed in London by Treasurer Scott Morrison. The UK-Australia FinTech Bridge was announced alongside the UK Chancellor of the Exchequer Philip Hammond at the International FinTech Conference in London. The deal will deepen ties between the Australian and UK Governments and regulatory agencies, further cementing the positions of Australia and the UK as leading global FinTech centres.
19th – The federal government unveiled a new trial visa scheme aimed at fixing Australia’s tech talent shortage, which is being hailed as a “game changer” for local, fast-growing startups. Starting July 1, the government will trial the new ‘Global Talent Scheme’ visa for one year, born from the ashes of the 457 visa which was scrapped and replaced with a new short-term working visa system this month.
FinTech Australia publicly calls out elected officials demanding speedy approval and implementation of private company equity crowdfunding legislation. Chair Stuart Stoyan told Parliamentarians they must work together to make the fix a priority when Parliament returns next week on 5 February 2018.
24th- Stuart Stoyan, who is the founder and CEO of Melbourne-based fintech company MoneyPlace, has become FinTech Australia’s new chair after the association’s founding chair Simon Cant decided to step down. 28th – Milestone of 300 members registered (this info was gathered using the “close date” fillter on Agile) 31st – Fintech Australia has signs a memorandum of understanding (MoU) with the FinTech Association of Hong Kong (FTAHK) to lift support for businesses seeking investment, partnerships and expansion into each other’s markets.
ASIC announces a Cooperation Agreement with a number of Canadian regulators on fintech cooperation. An agreement had previously been entered into with the Ontario Securities Commission (OSC), however this new agreement expands the existing information sharing framework to other provincial securities regulators. The agreement will also allow for the referral of innovative fintech businesses to and from Canada.
3rd – As announced in the 2017-18 Budget, the Australian Government introduced a legislative framework for an enhanced regulatory sandbox to enable new and innovative financial technology (FinTech) products and services to be tested in Australia. This will extend the scope of activities and the timeframe beyond that of the regulatory sandbox launched by ASIC in December 2016. The consultation on the exposure draft legislation (and accompanying explanatory memorandum) closed on 3 November 2017.
27th to Nov3rd – Intersekt – Inaugural Fintech Festival held in Melbourne culminated with Collab/Collide Summit, which attracted some 750 people and dominated the financial services news across its two days. All up, there were 590 attendees, 100 speakers, 40 exhibitors and 20 media. Australian Treasurer Scott Morrison used the summit to announce he would be introducing legislation to require comprehensive credit reporting, to help small businesses and families get a better lending deal.
19th – The Australian Government’s passage of legislation to remove double taxation on digital currencies is a welcome step and signifies the growing maturity of Australia’s fintech policy environment, according to Australian fintech industry leaders.
Announcement of Intersekt fintech festival to be held in Melbourne, Australia from 27 October t0 3 November. It is set to be the most influential and exciting event of its type in Asia. It included a two-day Collab/Collide Summit, a three-day hackathon, two community days and a one-day blockchain event.
Launch of 2017 Fintech Census in partnership again with EY. This year survey seeks to discover new insights into key issues such as driving greater fintech exports and improving ecosystem gender and geographic diversity.
The government of New South Wales announces details of a massive new Sydney facility that ‘should help build even stronger links between the Australian fintech industry and global markets’. The Sydney Startup Hub will see Jobs for NSW, a private sector-led initiative backed by the government of New South Wales, invest AUD$35 million into a 11-floor facility that will lay claim ‘to be unmatched in the southern hemisphere in terms of size and density.’ The incubator, hub and facility is expected to create up to 6,500 jobs and is said ‘to contain enough floor space to spread over the size of two football fields.
22th – FinTech Australia releases its first fintech ecosystem map, listing its 119 members and revealing the strengths of Australia’s fintech industries. The map reveals that consumer and business lending along with wealth and investment are Australia’s two largest fintech sub-sectors, an outcome supported by findings from the EY FinTech Australia Census.
The legislative amendments ensure that from 1 July 2017 purchases of digital currency are no longer subject to GST. 24th – Inaugural Finnie Award gala ceremony held in Sydney and attended by more than 200 guests. The winners of 29 awards were chosen by 39 local and international judges from 158 entries.
9th – Government announces that from 1 July 2017 it will align the GST treatment of digital currency (such as Bitcoin) with money. Before the law was amended, consumers who used digital currencies as payment effectively paid GST twice: once on the purchase of the digital currency and again on its use in exchange for other goods and services subject to GST.
Announced the upcoming inaugural Finnie Awards, which is set to honor the leading achievements of the Australian fintech sector over the past twelve months. It is supported by Jobs for NSW. 29 categories for the award show, which are split into three sections, including People, Culture and Talent (5 awards), Growth Mindset and Global Perspective (5 awards), and Growth Mindset and Global Perspective (5 awards). 24th- Milestone of 100 members registered (this info was gathered using the “close date” fillter on Agile).
27th – In a speech to a high-level G20 conference in Wiesbaden, Germany Treasurer Scott Morrison said fintech can boost banking competition and facilitate access to new forms of finance. He told leaders of the global economy that Australia is “strongly pursuing” blockchain technology, and wants to unlock the “enormous untapped potential of Australia’s data”.
The Turnbull Government welcomes the announcement by the Australian Securities and Investments Commission (ASIC) that its FinTech regulatory sandbox is open for business. The regulatory sandbox will enable eligible FinTech businesses to test innovative financial services without facing the costs of regulatory licensing and will reduce the time to get their services to market.
FinTech Australia, in partnership with LaunchVic, holds its inaugural summit, Collab/Collide 2016 in Melbourne on November 3 and 4, bringing the ecosystem together to network and connect.
FinTech Australia and EY Sweeney release the inaugural EY FinTech Australia Census 2016. A comprehensive and detailed report on the Australian fintech industry to date. The research was commissioned by FinTech Australia in efforts to foster a thriving fintech ecosystem in Australia. The report identifies important characteristics of the Australian fintech industry, and establishes a set of benchmarks by which to measure the industry’s growth.
Australia’s Minister of the Treasury, Scott Morrison MP, issued a media release that “warmly welcomed” International Organization for Standardization (ISO) support to develop a set of international standards for blockchain technology. It makes Australia “a leading global player in this new area,” he said.
FinTech Australia in partnership with EY Sweeney launches the inaugural FinTech Australia Census – a National, in-depth survey of FinTech Startups, examining FinTech-specific challenges such as licensing, bank partnerships and effectiveness of FinTech-specific Government initiatives.
FinTech Australia held several national member forums to explore the subject of the Productivity Commission’s inquiry, specifically Open Financial Data.
1st – FinTech Australia announces the appointment of Danielle Szetho as its Chief Executive Officer. 24th – Calling out to the Australian FinTech community to contribute their thoughts and experiences to ASIC’s Regulatory Sandbox Consultation Paper 260 through the creation of a Sub-committee ([email protected]) where members can actively participate in the debate and non members can share their ideas.
FinTech Australia has been invited to represent the Fintech industry as a member of the Personal Property Securities Register (PPSR) Stakeholder and Operations Forum.
FinTech Australia held its inaugural AGM and elected its first Committee, three of whom are on the Fintech Advisory Group. In June 2016, FinTech Australia announced the appointed of its inaugural CEO.
Following consultation on our Reform Paper, the Turnbull Government declared Fintech to be a national priority, announcing the formation of the Fintech Advisory Group to provide policy advice to Treasury and Regulators.
The Fintech Community rallied around urgent Policy reforms that were needed to ensure Australia remained competitive in Fintech. They collaborated on a landmark Recommended Reform Paper, endorsed by over 35 Fintech organisations, submitted to key Government Ministers.