FinTech Voice, September 7, 2023
Hi Community,
Wrapping up Intersekt 2023, this year's was definitely the best one yet and the team are already excited to prepare an even better one at Intersekt 2024. The successful outcome is evident from the amount of high-value conversations, insightful sessions, invigorating discussions, and amazing feedbacks we have received.
Thank you to all our sponsors, members, and partners, who have supported us in promoting growth, innovation, and partnership in the Australian fintech ecosystem.
➡️ If you missed out on any of the session, watch mainstage recordings here 🎥
➡️ Intersekt Photo Album here 📸
Cape have recently released their inaugural 'Business Spend Insights' report. Download the report to gain insights on how to tackle your business spending the right way during the interest rate surge in Australia.
Arctic Intelligence released a Buyer's Guide: Enterprise-wide Risk Assessment Solutions to help you articulate the value and business case when making buying decisions. Download the e-book here.
We have a long list of policy updates. Some may be more relevant for you than others but please see below.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
Screen Scraping - Policy and Regulatory Implications
The Government has released a consultation paper on the policy and regulatory implications of screen scraping.
The discussion paper seeks view on the screen scraping market's characteristics, potential risks to consumers, the wider regulatory framework, and the comparability of data obtained through screen scraping in relation to the Consumer Data Right (CDR).
Notably, the discussion paper seeks input on the recommendation from the Statutory Review that screen scraping should be banned where the CDR offers an alternative.
Fintech Australia will make a submission. Information on how to contribute to our submission will be circulated to policy working groups tomorrow. Submissions close on 25 October.
CDR rules - Expansion to the non-bank lending sector
Treasury has released exposure draft amendments to the CDR rules to extend the CDR framework to include the non-bank lending sector.
The proposed rules largely reflect the approach consulted on previously in last December's design paper.
Fintech Australia will make a submission. Details for how to get involved have been circulated to policy working groups. Submissions close on 6 October.
Treasury has also scheduled a Stakeholder Forum to discuss the changes on Wednesday 13 September 2023 between 10 am - 12 pm. Contact CDRRules@treasury.gov.au if you would like to register.
CDR Consent Review and operational enhancements design papers
Treasury has released two design papers on improving consent procedures and other operational enhancements to the CDR rules.
These proposals encompass a range of topics, including the bundling of consents, the selection of key consent terms, procedures for withdrawing consent, notifications, consents for de-identification, and addressing dark patterns.
Fintech Australia will make a submission. Details for how to get involved have been circulated to policy working groups. Submissions close on 6 October.
Open Banking Ecosystem Map - August Update
The latest iteration of theOpen Banking Ecosystem Mapwas published this week.
The Map is a more accessible, easier to understand visual representation of the CDR ecosystem. It monitors and tracks participation in the CDR and Open Banking over time and generates insights to measure its success.
The latest (third) iteration found:
There has been a 63% increase in the number of recipients involve since December 2022;
CDR Representatives have skyrocketed, with 44 new Reps since March;
OSP usage is increasing rapidly, with more than half of ADRs now using them.
FinTech Australia will take over updating the Map and Report from Brenton Charnley going forward. Check it out at: www.openbankingecosystemmap.com
Unfair trading practices consultation
The Government has commenced consultation on an unfair trading prohibition in the Australian Consumer Law.
The consultation regulation impact statement outlines potential policy options to address "unfair trading practices". Although the proposed provisions would not apply to the ASIC Act/financial services, it is possible these options could be extended to cover it in future.
We note the conduct potentially covered by this prohibition is broad, goes far beyond existing unconscionable conduct and false and misleading conduct provisions, and the consultation paper contemplates imposing civil penalties.
Fintech Australia is considering whether to make a submission. Please contact us if you are interested in this consultation or have concerns and would like to contribute.
Submissions are due 29 November.
AFCA consults on new approach to small business lending complaints
AFCA is currently consulting onnew guidanceabout their approach to handling small business lending complaints.
The document signals a more expansive approach and appears to integrate more detailed credit assessment expectations. Pages 24-26 in particular may be of concern to SME lenders - it sets out further inquiries which might be expected depending on the circumstances.
FinTech Australia will make a submission if there is sufficient member interest. Please contact us if you are interested in this consultation or have concerns and would like to contribute.
Submissions close on 29 September.
Competition Policy Review
On August 23, 2023, the Treasurer announced a two-year Competition Policy Review.
Treasury has set up a review team to oversee and advise the government throughout the review, concentrating on improving competition across sectors. The review approach involves ongoing rolling policy projects, with public engagement and specific reform-focused papers to be released across the two years.
We look forward to engaging with these processes when more information on specific consultations is released.
Reserve Bank and Digital Finance CRC Complete CBDC Research Project
The RBA and the Digital Finance Cooperative Research Centre (DFCRC) have published a report detailing the outcomes of their collaborative CBDC research project.
The project involved industry participation and investigated potential use cases for a central bank digital currency in Australia. A significant aspect of this initiative was the RBA's issuance of a controlled 'pilot' CBDC to a carefully chosen group of industry participants. This hands-on approach aimed to illustrate how a CBDC could bring innovative improvements to payment and settlement services for both households and businesses. This pilot CBDC represented a departure from previous projects, as it held substantial legal significance.
ATO seeks fintechs to co-design innovative software services to support small businesses
The ATO is inviting FinTech Providers to join a register for collaboration and co-design of innovative software services aimed at helping small businesses with their tax, superannuation, and registration responsibilities. This collaboration includes developing prototypes to enhance the small business tax, superannuation, and registry processes.
There are currently two open ATO consultations:
Right-time tax payments and reporting
Preventing errors and mistakes through small business software
If you would like to participate in these small business consultations, please email the ATO Digital Partnership Office at DPO@ato.gov.au
We are currently working on submissions to:
We recently made submissions on:
Modernising Australia's anti-money laundering and counter-terrorism financing consultation;
Senator Bragg's Digital Asset (Market Regulation) Bill 2023;
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
Since its emergence in late 2022, generative AI, exemplified by tools like ChatGPT and Dall-E, has transformed our lives and work. As we navigate its vast potential, the pressing question arises: How can businesses employ generative AI ethically and address challenges like deepfakes and identity fraud?
Join us for The Intersection of Humans, Ethics and Generative AI, to explore both the potential and the pitfalls of this transformative technology and unpack challenges like deepfakes and identity theft.
This event is a collaboration between IDVerse and FinTech Australia and marks the first LinkedIn Live event for both companies.
⬇️ RSVP through the button below, and click the "Attend" button on the landing page.
The 8th edition of the Singapore FinTech Festival (SFF) will take place from 15 -17 November 2023 at the Singapore EXPO. SFF 2023 will focus on the growth and adoption of Artificial Intelligence and how this technology can potentially be used in financial services.
Use partner code: SFFCP_FA
Award entries to Pause Awards '23 have been extended until the 15th of September 2023. Pause Awards recognises and celebrates the most ambitious and effective companies and individuals in Australia. It's your last chance to register!
STARTUPS - LAST CALL TOAPPLY for the She Loves Tech 2023 Global Startup Competition!
#ApplyNow if you are:
👉a tech startup with an MVP, and have raised less than US$5M
👉at least one female founder or majority female consumers/end-users
This is your chance to showcase your groundbreaking startup, connect with influential investors, mentors, and media, and walk away with up to $500,000 worth of prizes!
FinTech Australia is an advocate for the importance of encouraging Australian fintech businesses to flourish and succeed.
SmartCompany launched Smart50 awards to give national recognition to businesses who continue to shape the Australian landscape, including the fastest growing as well as those delivering outstanding innovations, service and initiatives.
We’re excited to see what amazing businesses make the list this year.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Robo adviser Stockpot receives strategic investment from Mirae Asset. Read Here.
Paymentology and Mastercard Join Forces to Foster Financial Inclusion in Northern Central America. Read Here.
Driva partners with Carsales to enable seamless digital finance experience. Read Here.
Currencycloud accelerates growth in Australia. Read Here.
HealthNow and Change Financial launch prepaid card program first: Employer Aid. Read Here.
Banking Circle Group expands into the Australian market with the launch of BC Payments. Read Here.
Average Value of invoices down 28% YoY as demand and cost pressures squeeze businesses
Firstmac prices $1.2 billion RMBS issue. Read Here.
Mambu wins Google Cloud Industry Solution Technology Partner of the Year Award for Financial Services and Insurance. Read Here.
Discover V-Key ID: Trust and Security in an App Eco System. Read Here.
Empowering Cryptocurrency Decisions: CryptoCrispy AI Assistant Sets New Standards for Accuracy. Read Here.
LAB Group Integrates with IDVerse to Enhance Digital ID Verification. Read Here.
Shift expands Broker leadership team with a senior appointment. Read Here.
Lighter Capital Supercharges its Growth with $130 Million Capital Raise, Offering More Technology Companies Non-Dilutive Funding. Read Here.
New joint research from Stripe and The University of Sydney Business School has revealed early half (46%) of Australian business leaders plan to invest in digital payments in the next 12 months in order to make transactions faster or easier for customers. Read Here.
FinTech Australia's Podcast
Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia! 🇦🇺
In our most recent episode, we had the chance to chat with Sivan Atad, Founder and CEO of nVest, which had recently won SmartCompany's pitch company, the Pitch.
