FinTech Voice February 23, 2023
Dear Community,Two weeks for entries to the Finnie awards to close. We look forward to showcasing and promoting the Australian fintech success. If you are or know of any fintech that deserves the recognition, Apply soon!
While fintech funding has reverted to pre-2021 levels, we congratulate the most recent raises by Shift, Data Mesh and HNRY.We also welcome OCR Labs, a global identity verification tech leader founded in Australia, that has joined as a corporate partner. OCR Labs aims to work closely with fintechs and their partners to advise on and educate around the growing role fintech will play in underpinning future identity solutions. If you require any support or would like to speak with them, please reach out.We're excited to be recognised as one of the top fintech trade associations globally. This is testament to the impactful work the team and the Board do to showcase and promote the industry.
In the last few weeks we've completed 8 submissions and are currently developing two - Crypto token mapping and Privacy Act Review Report. See the below section for more information.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
Research & Development Tax Incentive Advance Findings Pilot
The Department of Industry, Science and Resources is seeking expressions of interest for small group consultation sessions with an R&DTI software expert. These sessions are intended to give prospective applicants clarity on the types of R&D activities which are eligible and how advance findings can give fintechs certainty about eligibility.If you are interested in participating, please contact rdti.engagement@industry.gov.au by 3 March.
Consultation on Privacy Act Review Report proposals
Last week the Government released the Privacy Act Review Report. The long-awaited final report contains 116 proposals to strengthen and modernise Australian privacy law.
The proposals are particularly relevant to fintechs because they will herald greater alignment with the EU’s GDPR and a stronger focus on how the privacy law applies to online industries. These include proposals to require a ‘privacy by default’ in relation to online privacy settings, to create specific guidance on designing online consents and, most notably, empowering the OAIC with a new direct right of action and a statutory tort, which will provide a new enforcement path for individuals affected by a breach of their privacy.
The Attorney-General’s Department is now consulting on these report’s proposals to inform a Government response.
FinTech Australia will make a submission. Please contact our Policy Team if you would like to get involved.
Quality of Advice Review Final Report
The Government has released the final report of the Quality of Advice Review. The final report makes 22 recommendations, including changes to broaden personal advice, make disclosure requirements more flexible and introduce a modified ‘good advice’ duty.
FinTech Australia made a submission to the previous round of consultation. Consistent with our submission, the final report highlights how technology and digital advice has the potential to improve access to quality advice. It also acknowledges how improved access to consumer data via the Consumer Data Right will improve advice.
The Government has indicated it will engage in further consultation before providing a response to the review’s recommendations.
Consultation on the Electronic Transactions Act 1999 (Cth)
The Attorney-General’s Department is considering the effectiveness of Australia’s electronic transaction legal framework through consultation on the Electronic Transactions Act 1999 (ETA). The ETA permits electronic transactions to take place by ensuring steps are taken to ensure validity, authenticity and access.
The consultation is part of ongoing work on Modernising Document Execution. In particular, the Department is keen to understand any challenges with the ETA’s application or any confusion experienced by those interacting in the digital economy.
FinTech Australia will make a submission if there is sufficient interest from members. Please contact our Policy Team if you have any feedback on the ETA.
ASIC Class Orders consolidation
The Government is consulting on draft legislation to incorporate longstanding ASIC Class Orders into the primary legislation.
The legislation does not change ASIC’s powers to make class orders. This is a minor ‘tidy up’ amendment aimed to simplify and improve the navigability of Treasury legislation.
FinTech Australia does not propose making a submission to this consultation.
Current consultations
We are currently developing submissions to consultation on:
- Treasury’s consultation paper on crypto token mapping;
- Australian Government’s consultation on Privacy Act Review Report.
We have recently made submissions on:
- Strategic Plan for the Payments System Consultation Paper;
- APRA’s proposals for PPF minimum capital requirements;
- National Reconstruction Fund Consultation Paper;
- AUSTRAC’s draft guidance on de-banking;
- Feedback to Treasury on the CFR’s de-banking report;
- CDR Non-bank lending sector design paper;
- Treasury’s BNPL Options Paper;
- Treasury’s draft legislation to enable CDR action initiation.
See our recent submissions on our website.
FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.
If you would like to get involved, please reach out directly to our FinTech Australia Policy Team.
Upcoming Events
Crypto Discovery Day
Join Chainalysis for an afternoon of DISCOVERY - of new trends and ideas, capabilities, customer insights and for a Game of Treasure Hunt! Get 'hands on' with Chainalysis blockchain analytics and visualisation tools to hunt for answers to the riddles and win a prize!
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Fintech Week Tel Aviv 2023
Take a deep dive into the trends and strategies that will define how financial services can serve consumers and markets at this critical juncture, and meet the expectations of today's more connected and discerning customer.
Join us in Tel Aviv to delve into the key themes and discover new opportunities with interactive panel discussions, keynote presentations and lots of networking opportunities.
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UK in-market program & Money20/20
Austrade's London Landing Pad is calling for expressions of interest from Australian fintech companies looking to scale into the UK and EU. Join us in London for an in-market program focussed on briefings and networking sessions with the key UK fintech ecosystem stakeholders and business connections, before Team Australia heads to Money20/20.
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Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
- TechBoard released a report, Funded 2022: Australian Startup Funding in Review.
- Bridgit partners with Outsource Financial to expand its broker offering.
- Cape wins at the 2023 Australian Design Awards for their personality-packed brand evolution.
- Skript launches no code access to open banking data.
- Experian accelerates Open Data strategy with Envestnet | Yodlee API collaboration.
- Shift closes $AUD27m Series C equity raise fuelled by record growth.
- Technology provider Jacobi delivers enhanced digital tooling to LGIM.
- Investor analysis platform, Collective Shift, will publish independent market research via the Swyftx Learn Website.
- Radium Capital announces Jeremy Loftus as Managing Director.
- Successful fintech entrepreneur, Michael H. Giles, backs Change Financial for global growth.
- EzyPay offers subscription payment capabilities in South Korea.
- Radium Capital aces half-billion-dollar milestone.
- Superhero appoints Rachel Hopping as their first Head of Strategy.
- As inflation and interest rates continue to rise, Yondr is stepping up to help Australians save on hidden fees and budget better.