FinTech Voice, August 17, 2023
Hi Community,
We're looking forward to hosting fintechs and the community at the Intersekt Fintech Festival this year. The team is hard at work to ensure attendees get the most value from this conference - new connections, investor matching, stage sessions, regulatory roundtables and international expansion discussions.
Top updates
Pre-Intersekt FREE meetup in Sydney - Last min reminder for those available this evening. Don’t miss the opportunity to hear from David Birch, the world-class keynote speaker, published author on digital money and digital identity, and well-read fintech columnist. Stone & Chalk Scaleup Hub | 5:00 pm - 7:30 pm AEST
Industry Dinners - We have three industry dinners this year with very limited seats available. Book now!
Updated Program - Opening address from The Hon. Minister Stephen Jones, Assistant Treasurer and Minister for Financial Services.
Satellite events - Everything else happening around the conference!
Coming soon - Final program, invite-only roundtables with key Ministers, pre-registration to key roundtables and more...
Also see policy section for key updates from regulators.
Think & Grow's 23/24 Australian Salary Guide is officially in the works and they need your contribution. This free and community-driven piece of content has you and your data at its foundation, and as a thank you for contributing, you'll get 3 months free access to Compete's platform! To contribute your company's data to this year's Australian Tech Salary Guide, click here.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
Review of the regulatory framework for managed investment schemes
The Treasury has issued a consultation paper to review the regulatory structure for managed investment schemes.
The paper invites feedback on various matters, including:
The suitability of wholesale client thresholds;
The effectiveness of governance and compliance frameworks;
The appropriateness of regulating schemes involving real property;
The sufficiency of investor rights protection.
Treasury also welcomes views on ways to lessen regulatory burden while upholding positive consumer outcomes.
Consultation is now open and submissions close on 29 September 2023.
FinTech Australia is testing member interest in making a submission. If you're interested in the MIS review or wish to contribute to a submission, please reach out to us.
ASIC extends transitional relief for foreign financial services providers
ASIC has extended for a further 12 months the current licensing exemptions for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients.
The exemption instrument grants licensing relief to specific FFSPs offering funds management financial services to particular Australian professional investors. During this extended period, ASIC will consider applications for temporary, standard, or foreign AFS licenses from entities not eligible for the relief.
If you anticipate potential impacts on your business due to this extension, please reach out.
APRA releases update on policy priorities schedule for ADIs
The Australian Prudential Regulation Authority (APRA) initially published its annual update on policy priorities in February 2023. In response to overseas banking events earlier this year, APRA has reviewed its policy initiatives to expedite immediate measures to strengthen standards related to bank financial stability and adjust timelines on less pressing policy reforms.
In summary, the letter to ADIs highlights the following key ADI priorities::
Liquidity: APRA to discuss targeted changes in Prudential Standard APS 210 Liquidity, shifting comprehensive review to 2024.
Interest Rate Risk: APRA delays finalising Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk to late 2023, extends scope to include smaller ADIs.
Additional Tier 1 (AT1): APRA plans Discussion Paper to enhance AT1 capital effectiveness, and potential consultation in 2024.
Capital Framework: APRA to consult on minor updates to the bank capital framework based on industry feedback.
The letter to ADIs can be found on the APRA website at APRA policy priorities: Interim update.
ASIC consults on proposals to extend its short-term credit and continuing credit contracts product intervention orders
ASIC released Consultation Paper 371 Product Intervention orders: Short-term Credit Facilities and continuing credit contracts and is seeking feedback on proposals to extend both product intervention orders.
ASIC believes that the current orders have effectively mitigated the risk of substantial harm to retail clients linked to the provision of such products coupled with high-cost services. The existing product intervention orders commenced on July 15, 2022, enhancing consumer safeguards by forbidding the offering of short-term credit and ongoing credit contracts with excessively high fees for retail clients. These orders will lapse on January 15, 2024.
FinTech Australia does not propose making a submission to this consultation process as it is not relevant to or targeted at our members. If it is of interest to you, please reach out.
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
RSM Australia invites you to the Economic Update Webinar presented by HSBC’s Chief Economist, Paul Bloxham and hosted by RSM Australia's Chief Executive Partner, Jamie O'Rourke.
Join the webinar to gain deeper insights into Australia's economic outlook and its connection to the global stage.
India’s scale is extraordinary. It is quickly becoming a prominent global technological hub, and by 2025, it’s digital economy is expected to be worth USD$1 trillion. There is no market over the next 20 years that offers more growth opportunities for Australian tech businesses than India.
If you are a Queensland tech company interested in doing business in India, join the 'Why India?' Roadshow to gain market insights and State and Federal Government programs to support your expansion.
Date: Tuesday, 22 August 2023
Time: 3:00 - 4:00pm
Venue: Online
Register by 18th of August 2023
Austrade invites expressions of interest from Australian fintech companies interested in the U.S. market to join Austrade for an in-person program from 19 to 20 October 2023. This program is delivered in San Francisco, through Austrade’s U.S. Landing Pad ahead of Money2020 Las Vegas (22-25 October 2023).
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Change Financial and Fintech Actuator join forces with Mastercard to create payments incubator for local fintech startups. Read here.
Beforepay releases Quarterly Results for the fourth quarter of FY23. Read here.
Block Earner sets new security standard for Australian investors with launch of market-first Crypto Asset Vault. Read here.
1WordFlow announces new brand - revealr.ai. Read here.
New Chainalysis Crypto Myth Busting Report. Read here.
nVest launches its sandbox for fractional investing. Read here.
Jewish House and MyBond Unite Forces to Revolutionise Housing Access to Combat Homelessness and Empower Survivors of Domestic Violence. Read here.
Partnership deal boost for resources and energy start-ups. Read here.
Simply Zibra taps Change Financial to issue virtual cards for their AI-driven digital wallet. Read here.
Industry News
News from the fintech industry you don't want to miss!
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 episode, we had the chance to talk with Andrew Walker, Co-Founder & CEO at Nano Home Loans, about their experience in New York during Austrade's Fintech Landing Pad.
