FinTech Voice, August 1, 2024
Hi FinTech Community,
Tickets for Intersekt are available to be purchased. Register now to access exclusive events that need pre-bookings as some may have limited seats.
See below policy updates for BNPL, Credit reporting and payments. The report by ACCC on International Money Transfers is also very encouraging news for the fintech industry.
On August 9, The Hon, Minister Stephen Jones will be speaking at the CEDA event to share updates about CDR. FA and a few members will be present.
We're looking at supporting delegations to a few global fintech events including Hong Kong, Singapore, Indonesia and more. The Singapore event may be very exciting as it coincides with events in Hong Kong, Taipei, Indonesia and Vietnam. Please reach out to us if you are interested in these opportunities.
Kind regards,
Rehan D’Almeida,
Chief Executive Officer,
FinTech Australia
Policy Update
FinTech wins in International Money Transfers
The ACCC has released a new report on International Money Transfers (IMTs), finding that significant market share changes have occurred for the big four banks. From 2016, the market share for the big four was 76%, which has declined to 39% as of January 2024. Fintechs sit above the big four banks at 45% market share, with IMTs processed per month by fintechs grown from $60 million per month to around $1.48 billion per month as of January, this is an approximate 2,200% growth.
FinTech Australia Senate Economic Legislation Committee Hearing
Dylan Burke, Partner at DLA Piper recently represented FinTech Australia last Wednesday in the Senate Economics Legislation Committee hearing on Buy Now Pay Layer legislative reform. We from FinTech Australia thank Dylan Burke for his representation.
FinTech Australia has made submissions on BNPL reforms with respect to the initial round of legislative amendments released for the NCCPA and the NCCPR. Our main focus is to ensure that these reforms continue to foster and encourage innovation and remain competitive on a global scale while ensuring providers of BNPL products and services have sufficient clarity on regulatory compliance matters.
Attorney-General Department Credit Reporting Review Follow-Up
Thank you to Jessica Smith and Jaime Lumsden from Hamilton Locke who represented FinTech Australia yesterday in a conversation with the Attorney-General Department to discuss further points made by our members in our original submission.
Payment Times Reporting Rules Amendments Exposure Draft
Treasury has released an exposure draft consultation with proposed rules to support the Payment Times (Amendment) Bill 2024 which has received Royal Assent as of 9 July 2024.
information that must be included in a payment times report, including modified content requirements for special kinds of entities;
method to determine whether an entity is a slow small business payer;
meaning of a qualifying payment time of 20 days or less, for the purposes of determining a fast small business payer;
information relating to the Scheme that may or must be published on the Register; and
transitional provisions for reporting periods beginning before 1 July 2024, with the 2020 Rules continuing to apply, on and after 1 July 2024, to a payment times report for these reporting periods.
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!
Stripe Tour is coming down to Sydney again this year! Hear from both industry experts and fast-growing Stripe users on how to drive customer value, adapt quickly to economic and technological changes, and ensure longevity in the marketplace.
Join CEDA and Assistant Treasurer Stephen Jones MP in Sydney for his first major speech on CDR since June 2023 to discuss the strategic assessment of the CDR, learnings from industry consultations undertaken over the past 12 months, and focus areas for current CDR participants.
Opportunities to not miss
Participate in SXSW Sydney 2024 Pitch and pitch your big ideas to a panel of industry experts, high-profile media professionals, and venture capital and angel investors - all in front of a live audience.
Join the Global Fast Track Program from Hong Kong Fintech Week and meet 100+ investors and corporates to scale up your business business in Asia and beyond through business matchmaking and mentorships. Reach out to us.
If you are interested in any other international delegation opportunities including Hong Kong, Taipei, Singapore, Indonesia and more, please express your interest here.
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.
From Lift-off to Landing: Scaling Digital Payments Across Asia-Pacific. An e-book by Currencycloud.
Playbook for a successful global expansion. An e-book by Rippling.
MONEYME executes $178m ABS transaction. Read More.
Arctic Intelligence Forges Strategic Alliance with Jade ThirdEye. Read More.
Monoova joins Guidewire's solution ecosystem to "future-proof" Australian insurance industry payments. Read More.
AP+ Welcomes J.P. Morgan Payments as EFTPOS Member, Joining NPP, Strengthening Diversity and Furthering Competition. Read More.
Entsia CEO and Founder Listed in Technology Innovator's Top 20 Insurtech CEOs 2024. Read More.
Filling the Funding Gap: Fundabl Completes $3.2 Million Raise and Launches New Venture Debt Fund for Growth Stage Businesses. Read More.
Small businesses struggling with financial confidence. Read More.
Revolut receives UK banking licence. Read More.
Australian audit firm, AssuranceLab launches the integration of AI-powered audits within Vanta’s compliance automation platform. Read More.
Tiimely Strengthens Platform Growth with Key Sales Appointments. Read More.
iGoDirect Launches Web-to-Wallet™, APAC's First Web Push Provisioning Product. Read More.
For more news from the community, see here.
Industry News
News from the fintech industry you don't want to miss!
Productivity in FY25: Australian Business Intentions. A report by Rippling
Crowd-Sourced Funding Shows Sustained Stability and Growth in Platform Activity. A report by Birchal.
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! 🇦🇺
In our newest podcast episode, we had the opportunity to chat with Steve Kemp, Head of Financial Institutions Partnerships APAC and Emerging Markets, at Intuit, about the Consumer Data Right following the recent CDR Summit 🚀
We explored the role of AI in powering insights from CDR data and the challenges of making CDR fully accessible and seamless for all Australians.
