Fintech Voice, August 3, 2023
Hi Community,
The Intersekt Fintech Conference is shaping up to be our biggest conference yet! We will be showcasing the best in Australian fintech, discussing key issues in the sector and highlighting the current challenges that need to be addressed as an industry. We will share the full program, all satellite events and other opportunities soon! We look forward to hosting you there. We sold out tickets two weeks before the conference so consider this your first reminder!
Our member, Upplft, is providing a limited-time promotion of 3 months complimentary access to their cutting-edge talent machine platform. Revolutionise your hiring process by finding candidates with required characteristics and aligned with your organisation's values. Learn more here.
Austrade invites expressions of interest from Australian fintechs interested in exploring and expanding into Southeast Asia via Singapore, to join the Austrade Team Australia delegation and exhibit as part of the Australia Pavilion at SFF 2023. The program runs from 14 to 17 November 2023. Find out more and apply here.
Don't miss 'Founder', a 4-part documentary series streamed in Apple TV, Amazon Prime, and Google TV! We are proud of Katherine McConnell, CEO and founder of Brighte, sharing a raw look at her efforts, challenges, and pursuits as a founder. Watch the trailer here.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
Government makes long-awaited 'Version 5' CDR Rules - implements new business consumer disclosure consent
The Government has now signed into law operational improvements and other changes to support small business participation in CDR.
Originally consulted on last September, the final version of the rules removes rule changes relating to implementing telcos but otherwise generally reflects what was initially proposed - including:
Allowing business consumers to consent to ADRs sharing data with non-accredited third parties;
Extending business consumer use and disclosure consents to ADRs from 12 months to 7 years;
Delaying the commencement of reciprocal data sharing obligations for ADRs who hold banking data sets for 12 months;
A range of measures to clarify and improve outsourcing arrangements.
The new rules will be effective from 1st December 2023. We are pleased to see these important changes finally progress and hope future CDR Rules iterations move more quickly.
New ACCC CDR Developer Portal
The Australian Competition and Consumer Commission (ACCC) has developed a developer portal to support CDR participants in understanding the technical requirements of the CDR ecosystem and provide guidance for implementing solutions within it. The portal contains material related to the Register APIs, including implementation guidance, a roadmap for API changes, and information on known and resolved issues. It complements the Consumer Data Standards and will be expanded over time to offer more comprehensive guidance.
Feedback on the content can be provided to opensource@cdr.gov.au.
Revised ACCC guidance for CDR data holders
The ACCC has updated its guidance regarding CDR data holder notifications to account holders in cases where a secondary user modifies or withdraws an authorisation or when the authorisation from the secondary user expires.
The revised Rule 4.28 Notification requirements guidance provides clarity on when such notifications are required. Additionally, minor amendments have been made to the Compliance Guide for Data Holders in the Banking sector and the Clarification of specific Data Quality obligations. These changes specify that a data holder must share relevant data held in a digital form, even if it is not accessible to the consumer digitally.
If you have any questions or feedback regarding this guidance, you can reach out to the ACCC through the CDR Support Portal, or data holders with compliance concerns can contact the CDR Compliance team at accc-cdr@accc.gov.au.
RBA issues Financial Aggregates statistics for June 2023
The most recent financial aggregates statistics have just been released by the Reserve Bank of Australia. The provided data presents, the financial aggregate showing the monthly and year-ended percentage changes in various credit and broad money categories for June 2023 compared to May 2023 and June 2022.
In June 2023, total credit increased by 0.2% on a monthly basis and by 5.5% on a year-ended basis. The growth in credit was driven by the following categories:
Housing credit grew by 0.2% in June 2023, and on a year-ended basis, it increased by 4.5%.
Personal credit increased by 0.1% in June 2023. On a year-ended basis, it showed positive growth of 0.5%. However, it is noteworthy that in June 2022, personal credit had experienced a decline of -2.7%.
Business credit recorded significant growth, increasing by 0.3% in June 2023 and by 8.3% on a year-ended basis.
ATO seeks fintechs to co-design innovative software services to support small businesses
The ATO is seeking interest from FinTech Providers to join a register that will be used to engage relevant FinTech Providers to collaborate and co-design innovative software services that support small businesses to get their tax, superannuation, and registration obligations right.
Collaboration and co-design would consist of developing prototypes to streamline and improve the small business tax, superannuation, and registry experience.
FinTech Providers interested in joining the register are invited to view the following two open ATO consultations:
Right-time tax payments and reporting
Preventing errors and mistakes through small business software
If you’re a FinTech provider and interested in participating in our small business consultations email the Digital Partnership Office mailbox, DPO@ato.gov.au by 31 August.
APRA launches review and updates priorities for data collections roadmap
The Australian Prudential Regulation Authority (APRA) has announced its intention to initiate the inaugural annual review of its data directions roadmap. This roadmap, unveiled in March of the previous year, outlines a comprehensive five-year strategy to revolutionise APRA's data collection methods from the entities under its regulation. The recent letter from APRA also offers further insights into its immediate data priorities, enabling entities to prepare for continued engagement and consultation on data-related matters.
What this means to APRA regulated entities is that, the timing surrounding some industry and cross-industry data collection will change. Entities that wish to provide feedback on the review or APRA’s near-term data collection focus areas should email dataconsultations@apra.gov.au.
We are finalising submissions to consultations on:
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
The 8th edition of the Singapore FinTech Festival (SFF) will take place from 15 -17 November 2023 at the Singapore EXPO. SFF 2023 will focus on the growth and adoption of Artificial Intelligence and how this technology can potentially be used in financial services. As the world’s most impactful FinTech event, last year’s edition brought together over 62,000 participants from 134 countries. SFF is organised by the Monetary Authority of Singapore, Elevandi and Constellar and in collaboration with The Association of Banks in Singapore.
Use Partner Code for ticket discounts : SFFCP_FA
If you are a business looking to expand to India, join Introduction to doing Business in India online event. This event would provide an opportunity for participants to acquire knowledge of how to do business, build capability to engage meaningfully and maximise business outcomes with stakeholders in India.
Entries to the Pause Awards 2023 are closing soon on the 18th of August. Pause Awards recognises and celebrates the most ambitious and effective companies and individuals in Australia.
At Pause Awards, it’s all about audacity, boldness, and the courage to dare greatly. Submit your entries now!
The Startup Network is holding Fintech Pitch Night at Zeller's office in Melbourne CBD on August 29th! Hear out the innovations of 4 finalists, meet fellow entrepreneurs, and gain insights from the judges. Witness the future of fintech and don't miss out on this unique event!
If you are a startup pushing the boundaries at fintech, apply now to pitch your venture and get a chance to secure resources from the Startup Network. Applications closes on the 13th of August.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Aryza launches Aryza Dunning to Optimise Receivables Management in the UK and Ireland. Read article here.
Paypa Plane Sets Sights on the US. Read article here.
GBST further expands adviser solutions with the acquisition of leading market disruptor, Advice Intelligence, and its innovative goals-based, digital and hybrid advice platform. Read article here.
Airwallex Australia and New Zealand region delivers strong growth momentum with 115% revenue increase YoY & opens second Australian office. Read article here.
Industry News
News & articles 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! 🇦🇺
With special guest, Daniel Cannizzaro, CEO and founder of Parpera, our newest episode will discuss Parpera's recent fact-finding mission to the UK and Europe including their participation in Money 20/20.
