FinTech Voice August 11, 2022
The EY FinTech Australia Census is an important initiative we conduct every year to gain a better understanding of the key issues that are affecting the fintech community. If you’re a fintech and haven’t yet participated in this year’s census, please do.
This study will help us demonstrate that our priorities truly reflect the views of the ecosystem. It is a highly valued source of information for both regulators and government.
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Meetups - We are hosting a Going Global event in collaboration with Austrade to showcase how Australian fintechs are successfully scaling their businesses globally. We will be joined by speakers from Google Cloud & AssuranceLab to discuss how you can scale your fintech business with strong partners, and Fundsquire and Karta as leading examples of Australian fintechs succeeding overseas. August 24 - Register soon!Policy Advocacy - RBA is working with the Digital Finance Cooperative Research Centre to study use cases for a CBDC in Australia. APRA is working on a draft standard on new operational risk management. The Government is working on introducing legislation in the upcoming parliamentary sitting period to make unfair contract terms illegal. For more updates on policy, check out the advocacy section belowPlease reach out to Nick Kavass to arrange a time to discuss your policy priorities and involvement in our Policy Working Groups.Intersekt - Lots of excitement and interest for the conference this year and not enough space. Book your tickets soon. Visit intersekt website for all the info and updates on the program, networking events.We have joined forces with Seed Money, Mastercard, Dialpad and Seed Space to deliver this year's Intersekt Pitch Night 2022. Express your interest to pitch your fintech to investors and to win amazing prizes.We recently released our year in review outlining our milestones and showcasing our journey and achievements from last year. Thank you to all members for your support.Lastly…ASIC (Australian Securities & Investments Commission) hosted the Financial Innovation Regulator Meet-up, representatives from national bodies discussed issues and their latest experience with financial innovation and technology, details here.For any queries and support, please reach out to us.Finally, we welcome our newest member this fortnight - ARYZA, FMH HOLDING PTE LTD, GLOBAL PAYMENTS INC, BEHAVE AND SAVE and IDMETA PTY LTD
Regards, |
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Rehan D’Almeida,General Manager,FinTech Australia |
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RBA to explore use cases for CBDC |
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The RBA announced it is working with the Digital Finance Cooperative Research Centre on a research project to explore use cases for a central bank digital currency (CBDC) in Australia.Yesterday we met with the RBA to discuss this work and opportunities for FinTech Australia members to be involved. The RBA is keen to hear from fintechs with ideas for pilot use cases before a white paper is launched in the coming months.This year’s Intersekt will feature a panel discussion and roundtable with the RBA, including Head of Payments Policy, Ellis Connolly. The roundtable, in particular, will provide an opportunity to engage directly with the RBA on CBDC use cases. We will also organise broader engagement opportunities with the RBA on this project after Intersekt.
If you have a strong interest in this work, please reach out to us. |
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APRA consults on new operational risk management standard |
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APRA is consulting on a new cross-industry Prudential Standard CPS 230 on Operational Risk Management.Notably, the draft standard includes broadened requirements for APRA-regulated entities to effectively manage the risks associated with the use of third-party service providers with a comprehensive management policy, formal agreements and robust monitoring.Banking as a Service arrangements and crypto-assets are specifically mentioned in APRA’s associated discussion paper as examples of situations where ADIs would need to meet the updated requirements.
APRA is seeking feedback on the draft standard by 21 October 2022. |
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Government to legislate ban on unfair contract terms |
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The Government announced it will introduce legislation in the upcoming parliamentary sitting period to make unfair contract terms illegal.The amendments will introduce civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts. This will significantly strengthen the current provisions, which can only result in a term being void if found 'unfair' by a court or tribunal.
The reforms will also expand the scope of small businesses protected by the unfair contract terms provisions. The small business eligibility threshold will increase from less than 20 employees to less than 100 employees, and an annual turnover threshold of less than $10 million will be introduced as an alternative threshold for determining eligibility. |
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Intersekt Regulator Roundtables |
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Intersekt this year will feature a range of regulator roundtables led by federal government departments and agencies, including Treasury, ASIC, AUSTRAC, the RBA and the ACCC.
We will soon announce registration details for participating in these roundtables. |
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📇Open Banking Excellence (OBE) has joined forces with Accenture, the UK Government’s Department of International Trade (DIT), Innovate Finance, NatWest and the University of Oxford to develop a first-of-a-kind global Open Finance Index. The index helps to understand about Australia's domestic readiness to develop Open Banking and Open Finance ecosystems. Take part in their quick survey here.
💭Think & Grow are working on the most in-demand nationwide research project - the fourth iteration of the Australian Startup Salary Guide 2022/2023. Click here to participate in the survey. |
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🔍 AusIndustry is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. For more info, click here🇭🇰 Hong Kong Fintech Week 2022 is here - one of the largest conferences on the calendar, attracting more than 12,000 senior executives and featuring over 250 of the world's top speakers including FinTech founders, investors, regulators, and academics. 31 Oct - 4 Nov. Book your pass now
🇬🇧 Austrade presents First in a series of informative sessions with leading experts from across the UK to discuss how Australia's most innovative Tech Businesses can access UK Markets, raise investment, and hire global talent. Aug 23. Click here to register |
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Don’t miss all the news and insights from our members and corporate partners from our newsroom.
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