FinTech Voice, August 15, 2024

Hi FinTech Communtiy,

It’s a big day for the industry! The passing of the Consumer Data Right action initiation bill in Senate today marks a pivotal moment for Australia further empowering consumers with more control over their data.

By fostering a more transparent and competitive landscape, it sets the stage for robust economic growth and digital advancement in the country. We look forward to working with the Government to ensure this continues to progress and increase uptake.

Intersekt is just around the corner 🎉 Join us for the 2-day conference and experience all our crowd-favorites and newest initiatives.

Fintech 50, A Pitch Extravaganza — Join us for our most exciting event yet at Intersekt 2024! Witness and be a part of 50 industry pitches. Not just pitching for investments, but also for partners, service providers, customers and more.
[Pre-Intersekt Event] Global Pitch Night & International Mixer — Open to all local and global fintechs, this is your opportunity to pitch your startup to an esteemed panel of judges and win a range of incredible prizes!

We’re looking at supporting delegations to a few global fintech events including USA, Hong Kong, Taipei, Singapore, and more. Please reach out to us if you are interested in these opportunities.

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Consumer Data Right Rules: Consent and Operational Enhancement Amendments Consultation

Treasury have released a consultation seeking feedback on the draft rules for Consent and Operational Amendments, with feedback on the draft rules to prioritise support uptake of CDR by improving better consumer experience and operational enhancement to support use cases. This consultation follows from last year's submission of the Consent Review and Operational Enhancement Design Papers between August and October 2023.

FinTech Australia will make a submission. We will circulate further information to our Open Data Working Group and invite any interested parties to contact our policy team about contributing to our submission. The closing date for initial submissions is 9 September 2024.

Extending the Small business Responsible Lending Obligations Exemption

Treasury have released a consultation on small businesses responsible lending obligation exemption for feedback on the amendment of the National Consumer Credit Protection Regulation (2010) to extend the exemption of RLOs for small businesses which will expire on the 3 October 2024, to 3 October 2026.

FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.

New Zealand Retail Payment System Consultation

The Commerce Commission of New Zealand has released a consultation detailing the Retail Payment System, with the focus being on the cost of card payments and consideration for further interchange fee regulation in New Zealand. With the Commission proposing approaches towards a possible benchmark for interchange fee caps.

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! Join us for our most exciting sessions this year:

> Fintech 50, A Pitch Extravaganza — Join us for our most exciting event yet at Intersekt 2024! Witness and be a part of 50 industry pitches. Not just pitching for investments, but also for partners, service providers, customers and more 🚀

> [Pre-Intersekt Event] Global Pitch Night & International Mixer — Open to all local and global fintechs, this is your opportunity to pitch your startup to an esteemed panel of judges and win a range of incredible prizes!

#RegTechEdgeNoBorders | Financial Crime Solutions — This event showcases RegTech solutions that address the global challenges across a complex regulatory landscape.
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.

Opportunities to not miss

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.
Are you an early-stage startup focused on innovating the sustainable fintech industry? Startupbootcamp have opened applications for the Sustainable Fintech Program and it might just be the next step for you! Apply today.
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.
If you are interested in any other international delegation opportunities including Hong Kong, Taipei, Singapore, Indonesia and more, please reach out to us 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.

Born from a vision to harness the power of blockchain technology to deliver a secure platform for trading and investing in the burgeoning crypto space, Coinstash has become one of Australia’s leading and most trusted cryptocurrency exchanges. Read our latest Member Spotlight article.
MONEYME delivers growth and strong loan performance. Read More.
Leading AI decisioning platform provider Rich Data Co secures further $9 million in funding from Acorn Capital – rounding out a $37 million Series B raise. Read More.
Co-operty teams up with Effi to help co-owners find the right mortgage and brokers write more loans. Read More.
LoanOptions.ai reports strong FY24 performance with growing partner channel. Read More.
Confirmation of Payee (COP) service hits important milestone towards warding against scammers. Read More.
TPT Retirement Solutions selects GBST’s Composer platform and Wipro to power its Master Trust pension. Read More.