Fintech Voice, April 20, 2023

Hi community,

Congratulations to all the finalists shortlisted for The Finnie Awards 2023 and thank you to all the amazing applicants this year! Tickets for the Gala Awards Night are now live and can be purchased from the website.

On policy, yesterday we gave feedback to the Senate Legislation Committee to enact a framework to enable 'action initiation' under the Consumer Data Right.

Global expansion! if you're keen to understand more about the opportunity in India, check our Austrade's event.

We are also happy to announce that we partnered with Clima to help reduce our carbon footprint and raise awareness about the importance of removing greenhouse gases from the environment. We aim to work with more stakeholders in the space to provide our members with resources and frameworks to build climate conscious businesses.

We have a special offer for any member looking for not-just-another-co-working space. If you're an emerging tech startup or scaleup looking to grow in 2023, join Stone & Chalk — Australia's largest innovation community before June 30 to get great deals. Please reach out to us for more info.

We also hosted a member meetup in Brisbane last week and we thank all our Brisbane members who could meet up with Nick Kavass and Simone Joyce there.

Kind regards,

Rehan D’Almeida,

General Manager,

FinTech Australia

Policy Update

FinTech Australia participates in Senate hearing on CDR Bill

On Tuesday we gave feedback to the Senate Legislation Committee as part of its inquiry into legislation currently before Parliament to enact a framework to enable 'action initiation' under the Consumer Data Right.

Our Policy Lead, Nick Kavass, was joined by representatives from members Adatree, Zepto and Basiq to assist the Committee with its inquiry and discuss the potential benefits action initiation functionality will bring to the CDR.

The Committee will report by 3 May before the Bill is considered by the Senate.

APRA update on new operational risk standard

APRA has released an updated timeline for the implementation of the new cross-industry Prudential Standard CPS 230 Operational Risk Management.

In response to feedback from industry, APRA now intends to:

move the effective date for the new standard to 1 July 2025; and
provide transitional arrangements for pre-existing contractual arrangements with service providers, with the requirements in the standard applying from the earlier of the next contract renewal date or 1 July 2026.

APRA will release the final version of the CPS 230 in mid-2023.

FinTech Australia previously made a submission on the draft CPS 230 during the consultation period.

National Reconstruction Fund legislation passes

Legislation for the Government's $15 Billion National Reconstruction fund has now passed the Senate. The NRF Corporation will provide finance for projects in priority areas to diversify and transform Australia’s industry and economy.

FinTech Australia recently made a submission on the priorities and investment mandate for the Fund. Our submission urged a greater focus on artificial intelligence (AI), cyber security and fintech as 'enabling capabilities' the Fund should prioritise and invest in.

Our full submission can be found on our website.

Current consultations

We are currently developing submissions to consultations on:

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.

If you would like to get involved, please check out our GlueUp Platform to register or reach out directly to our policy team.

Upcoming Events

Why Australian fintechs are excited about India’s market

Austrade, in partnership with Fintech Australia and CPA Australia, invites Australian fintech companies to a webinar to learn about the Indian market and the exciting opportunities to grow and scale business in India.

Register for the Webinar Here

Hosted by Stone & Chalk in Melbourne together with FinTech Aus, the Ecosystem Drinks is the perfect opportunity to connect and chat with fellow founders, mentors, investors and partners from across the Melbourne emerging tech scene.

Register for Ecosystem Drinks Here

As advocates for the Fintech industry, it is our responsibility to nurture and propel the next round of exceptional global Fintech startups. There’s work to be done to uplift our people, our planet, and our purpose.

Startupbootcamp is proud to announce the Sustainable Fintech Fund.

$5 million fund
Will invest and accelerate up to 30 early stage Fintech startups
Across three separate accelerator programs (10 startups per cohort)
Over 3 years.

Join us for a Roundtable Q&A for the Sustainable Fintech Fund.

Register for the Sustainable Fintech Fund Q&A Here

Applications are now open for the San Francisco Landing Pad’s US Export Acceleration May Program Intake!

The US Export Acceleration Boot Camp helps Aussie founders understand what foundations their business needs to succeed and how to build a Go To Market strategy for the US including market validation, TAM, SAM, and SOM, pricing, and establishing the most lucrative channels to market.

Apply Here

Community Updates

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

Skript launches Subskript — automated solution for secure bank data feeds for businesses via open banking.
Advice Intelligence launches comprehensive SMSF modelling tool & data feed functionality to enhance client experience.
Orange Bank and Mambu expand partnership to France.
The nine most likely: Victoria picks next billion dollar start-ups
Shift integrates with FoodByUs.
The 3rd APAC Fintech Payments Forum released a report on Best Practice for Cross-Border Interlinkage.
Airwallex Digital Economy Index — NSW, QLD, and TAS to lead battle for online business
Empowering Impactful Innovation — Sustainable Fintech Fund Event.