FinTech Voice, July 4, 2024
Hi FinTech Community,
It has been an eventful 48 hours for the industry and specifically CDR. We started the week with ABA's report and a Senate motion to vote on the CDR Action Initiation Bill. The CDR Summit was our opportunity to voice our concerns as well as talk about the real value that the innovators in this space are creating.
Thank you to all the members, partners, participants and sponsors for supporting us in creating this impactful event. Here are the picture highlights from the summit and more will be updated soon.
Next stop, Intersekt 2024:
We've launched a high-level agenda for this year's Intersekt. We've come up with a few new sessions to enable more networking opportunities for the community.
The speaking EOI form will close EOB tomorrow.
Early bird tickets are on sale until July 12th.
Kind regards,
Rehan D’Almeida,
Chief Executive Officer,
FinTech Australia
Policy Update
FinTech Australia Responds to Accenture Report
On the morning of CDR Summit 2024, the ABA and Accenture released a report on the 'Strategic Review into roll-out of the Consumer Data Right' whereby findings found in the report that at the end of 2023 only 0.31% of bank customers were using CDR, high compliance costs forced difficult investment trade-offs and more.
In response to the paper, Rehan D'Almeida, CEO of FinTech Australia has contested the integrity of the data from the report, calling on the government to release factual figures surrounding the findings of the ABA and Accenture report.
Preparing for the next biannual Participant Report
CDR Participants are required to submit biannual reports for the ACCC under the purposes of rule 9.4 of the CDR Rulings. The upcoming reporting period covers from 1 January to 30 June 2024, these reports are due by 30 July 2024.
There have been reported issues for some participants submitting their reports, the ACCC have strongly recommended that all participants log onto their CDR Participation Portal ensuring they have access by 16 July 2024.
Statutory Review of the Meetings and Documents Amendments – consultation
Treasury has opened a consultation on the effectiveness of the amendments made to the Corporations Act 2001. The amendment affects relates to the online meetings on the conduct of company and registered scheme meetings, amending the:
Corporations Amendment (Meetings and Documents) Act 2022 and
Schedule 1 to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
We recently made submissions on:
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.
Upcoming Events
Get excited for events and opportunities from FinTech Australia and the community!
Intersekt Festival is happening on the 18 -19th of September this year! Check out the high-level agenda we've released this week and get your early bird tickets today.
Opportunities to not miss
Austrade is gearing up for their next Mission of Fintech and Cyber Security in the Banking & Financial Sector (BFSI), centred around the 5th edition of Global Fintech Fest (GFF 2024). Register here.
The Israel Trade and Economic Commission will be hosting a series of engagements on the 23rd of July in Sydney. We welcome potential partners to meet with cutting-edge solutions in the space of financial risk mitigation, fraud, and technology modernisation. If interested, please contact here.
Pause Awards 2024 is open for entries. Showcase your breakthroughs and be recognised among Australia's best. Enter now: www.pauseawards.com
For more events from the community, see here.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Mist has commenced working with the Australian Homestay Network (AHN) to find the best ways to ensure the ultimate experience for arriving International Students. Read More.
Bizcap Funds $1 Billion in Small Business Loans, Ramps Up Line of Credit. Read More.
Firstmac prices Australian-first solar bonds. Read More.
LoanOptions.ai launched new bank statement analysis and insights tool for its customers. Read More.
PocketSmith: NZ company one of nine worldwide selected for Mastercard's 2024 Start Path Open Banking program. Read More.
Diversiview Expands Global Market Analytics with the Integration of Hong Kong Stock Exchange (HKEX). Read More.
For more news from the community, see here.
Industry Updates
Hear out updates from the fintech industry.
Changing Perspectives: An inside look at Open Banking performance and adoption in Australia — A report by Basiq.
New Members
Let's welcome FinTech Australia's new members! 🎉
FinTech Australia's Podcast
Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia! 🇦🇺
On our latest Business Spotlight podcast episode, we chatted with Dan Jovevski, CEO and Founder of WeMoney, about their journey as a financial wellness platform actively involved in the open banking space and uncovered how they won 3 Finnies awards this year! 🎉
