Intersekt 2019 was a resounding success. This year, we had over 500 delegates attend over the week and over 130 presenters and panellists participating in the festival. Our seven satellite events allowed for agreater degreeof engagement with their respective topics and our industry dinners & cocktail functions fostered an informal environment for relationship creation and networking.This conference would not be possible with our sponsors and partners, and I would like to personally thank them for their support. I would also like to thank my team, Rehan, Lisa, Brandon, Harrison and Amy for all your efforts.
The policy space is also heating up with the new Senate Committee consultation into Fintech & Regtech set to open.We have also submitted on the Privacy Impact Statement and there is a summary of the Payments System Board Annual report below.
I would also like to welcome our new members illion Open Data Solutions, Truelayer, noobill, Cake, kovatax, Techboard and Fillr.
We’ve summarised some key highlights of the report below (these are mostly drawn from the Strategic Priorities for the Reserve Bank’s Payment Network chapter (from page 41) but other pages have been noted for interest too)
The Bank has published statisticsand payment system usage data. This can all be found between pages 21-37.
The Bank has noted that it needs to be in a position to understand how evolvingtechnologies are and will impact the stability, efficiency and competition in the payments systems landscape
In 2018, The Bank established an in-house Innovation Lab to help it to understand how emerging technology is relevant to policy and FMI responsibilities. Work conducted in the Lab has included work on Central Bank Digital Currencies. More can be read about this and other notes on crypto-assets on pages 66 & 67
The Bank will continue to pay closer attention to competition in the credit card payments acquiringservices market, with a particular interest in how least cost routing will affect the market – there will be a card payments regulation comprehensive review in 2020 conducted by the Bank. (There is a comprehensivereport on LCR and Interchange fees from pages 53-58)
It is expected that this card payments review will incorporatean assessment into whether policy needs updating for Buy Now Pay Later services andtheir impact on the market. Specifically, The Bank will be assessing whetherBNPL services should be mandated under a policy that will allow merchants to pass surcharges onto the end consumer (who benefits from the service) – similar to the ruling that allowed merchants to pass along credit card costs to the consumers. The rationale is that the costs of the BNPL services to merchants are significantly higher than card scheme costs yet they are not allowed to pass on these costs to consumers under the current service offering rules.
The Bank will be paying greater attention to cross-border payments market developments given the recent influx of new entrants to the retailmarket here driven by predominantlyby technology innovation. The Bank will be looking at both the safeness and efficiency of new developments as well as balancing the needs of economic growth and financial inclusion.
The Bank will continue to monitor NPP progress and adoption and supporting their recommendations made in their report earlier this year
There will be a focus on supporting transactionsaway from the legacy system such as cheques whilst supporting ongoing needs for access to cash
The Bank will be encouragingthe industry to take action to mitigate an upward tick of card-not-present payment fraud. In support of this, a new industry framework has been recently introduced to strengthen customer authentication during CNP transactions and this will be monitored to determine if it is effective enough. The report references Strong Customer Authentication initiativesrolling out across the EU and how this may inform the development of further practices in Australia, particularly in light of AusPayNet’s framework (pages 59-60 for more info)
There are some proposed regulatory shifts driven by recommendations of the IMF that aim to give The Bank it’s own enforcement powers to underpin their supervision of Clearing and Settlement Facilities. Currently, The Bank must wait for a directive from ASIC to act on issues that represent a systemic risk. The IMF has recommended that The Bank and ASIC’s powers be independent of the Minister. Proposals are in the works and Stakeholder feedback will be sought as part of the process.
The report discussed at length the review of the NPP and the future wider adoption ofthe ISO 20022 as the messaging standard across the SWIFT network as well as the NPP. There is a good summary of the benefits of ISO 20022 on page 50 of the report
The Bank will be making recommendations on actions and a standardised response framework in the face of rising system outages for retail payment services. Given this report was released the same day as the CBA outage on Friday last week, this is a timely inclusion in the report!
ContinuingThe Bank’s 2018 study on Stored Value Facilities, work on the recommendations for the revised framework are nearing completion and will be provided to the government for consideration.
Tokyo Metropolitan Government Accelerator Program
In order to boost Tokyos international competitiveness and create further growth, the Tokyo Metropolitan Government (TMG)invites foreign companies to come to Tokyo to learn about the unique aspects of the Japanese market and needs of companies within the city.
This program aims to create business matchups between the foreign companies and Tokyo companies by providing the latter with opportunities to gain a deeper understanding of the formers technologies.
The program will follow the sequence below, and focus on activities (2) and (3) over a short period of around two months.
(1) Application and selection of foreign companies possessing leading technologies and business models, such as AI, VR/AR, robotics and IoT to participate in the program.
(2) Provide support for the creation of business plans by matching selected foreign companies with local companies and IT vendors, etc.
(3) Host pitch events, with participants including investors and companies from Tokyo.
November 8th 2019
Landing Pad Bootcampincluding the Paris Fintech Forum 2020
Austrade together with NSW Trade & Investment, Global Victoria and Trade & Investment Queensland will be running our very FIRST FINTECH bootcamp powered by the Europe Landing Pad, this will include a fully curated program and site visits to the major fintech ecosystems across Europe, as well as attendance to the Paris Fintech Forum.
We are calling out to all Australian financial technology, regtech, insurtech or blockchain/AI/data companies working in financial services who are interested in doing business in Europe/UK to apply.
20th and 31st January 2020
Speakership Opportunity at Paris Fintech Forum
Paris Fintech Forum will be back nextJanuary 28 & 29, 2020to host the 5th edition of theParis Fintech Forumat thePalais Brongniart in Paris.
If you want to get a chance tobe on stage among their amazing speakersyou canapplyon their website.
28th and 29th January 2020
Fintech Week Tel Aviv
Bringing together players from a host of global fintech hotspots to deliberate, network, share ideas and look at synergies and ways to work together.
With a thriving entrepreneurial culture, deep pool of talent and penchant for disruptive innovation, Israel is a globally revered fintech hub.
A relatively small domestic market means Israeli entrepreneurs focus ideas and product designs to be scalable for the global market.Fintech Week gives you front row access to key global players and exposure to the very latest ideas, innovations and developments in fintech, helping you to position your business to stay ahead of the curve.
It’s an opportunity for professional services firms to meet the success stories of tomorrow and for financial services organisations to learn about the trends and disruptions that will dictate the future shape of the industry. This means both opportunities for new leads and new business streams.
10th and 12th February 2020
BDO’s Scaling Up: Business Growth Workshop
BDO will be collaborating with Scaling Up to present “Scaling Up: Business Growth Workshop” on Thursday, 24 October 2019.
They are proud and excited to play in this growing sector. Their passion is building long-term relationships with their clients and supporting them at each phase of their development lifecycle.
The Scaling Up Business Growth Workshop empowers you to accelerate profitable growth using a proven, results-driven methodology and gives business leaders and their teams an opportunity to focus on strategic thinking, execution planning, people management and cash flow.
In just one day, you will learn some of the essentials that make the Scaling Up system work. Learn through best practices, lectures, videos, hands-on exercises, group discussions and coaching demonstrations.
October 24th 2019
8:30AM – 4:30PM
Level 11, 1 Margaret St
Sydney NSW 2000
Ticket price $89.00 (usually $115.00)
Use code: FINTECHAUS19
StartCon – Future of Work
Each year at StartCon, we welcome some of the worlds biggest names in technology, entrepreneurship and growth marketing to deliver thought-provoking presentations.
This year we’re exploring the Future of Work and what that means for us. Work does more than just provide a means to live; it provides a source of identity, security, community, and meaning.
4000+ attendees | 4 stages | 65 speakers | 35 hours of content Workshops | Networking | Exhibitors | Start Up Alley | Awards Plus did we mention your chance to Pitch for $1 Million dollars!
Early Bird Tickets On Sale Now. Prices go up from 1 October
15% discount on all exhibitor options for all Fintech Australia members valid until 30th September!
New England Venture Summit
Last Chance for Early Bird
Early bird rates end October 31st.
Fintech Australia is proud to be partnering again with youngStartup Ventures for the 14th annual #NEVentureSummit, the premier industry gathering connecting venture capitalists, corporate VCs, angel investors, senior executives of early-stage and emerging growth companies and more!
This exclusive venture summit will bring together over 800 VCs, Corporate VCs, Angel Investors, Investment Bankers, industry executives and founders of venture backed, emerging and early stage companies; will featuremore than 100 VCsas speakers and judges; presentations bymore than100 Top Innovatorsand high-level networking opportunities.
December 4th 2019
Use discount code FAVIPand receive 10% off early bird rates
Celebrating 10th Anniversary of Australian Innovation.
Pause Fest is the worlds leading festival of business and creativity. Pause Fest is an independent, industry driven movement with a mission to bring diverse intelligence together to fuel the next generation forward. Pause Fest is designed for progress.
We have announced already Adidas, Territory Studio and MESA and companies like: Disney, Google, Amazon, Uber, Nest, NASA, Atlassian, R/GA, Netflix, Adobe have spoken at our event before.
In 2019, we welcomed over 400 startups, 1500 businesses and over 24 media outlets from across Australia. In fact, over the course of nine years, our event has seen 65,000 movers, shakers and creative change-makers come through its doors.
February 5th-7th 2020
Melbourne Convention and Exhibition Centre
Fast, frictionless bank data retrieval, categorisation and analytics
We build APIs to securely access data & initiate payments in real time
noobill is after pay, for your bills.
Cake makes equity easy for startups and SMEs!
Where technology meets accounting
Techboard – the best source for funding data on Aussie startups
Autofill as a Service’ to transact faster, increase conversions & rev