Fintech Voice, December 14, 2023
Hi Community,
Thank you for another massive year with us! Together we have responded to 30+ consultations, promoted our 400+ members and represented the Australian fintech ecosystem globally.
To top off the massive year, the latest consultation on a new licensing framework for payment service providers (PSPs) is out! See Policy update section for more.
I'll be in Brisbane next week and will be hosting a small community meetup. Hope you can join us!
Money20/20 is hosting its first Asia edition in Bangkok in April 2024. If you're planning to participate, let us know! We're partnered with Audacity Ventures for the lowest ticket price and additional benefits. Submit your EOI here for the best experience!
Wishing you a wonderful holiday season and all the best for 2024!
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
New consultation on regulating Payment Service Providers
Treasury commenced its latest consultation on a new licensing framework for payment service providers (PSPs). The paper is the second on the proposed framework, following the June consultation paper on payment functions.
The framework outlines how prudential regulation, financial services regulation, technical industry standards and other specific requirements will apply to various PSPs based on the function they undertake, including stored-value facilities, payment initiation and facilitation services, payment stablecoins, cross-border transfer and other services.
The paper also covers proposals in relation to:
APRA licensing for Major SVFs;
Common access requirements;
An industry standard-setting framework; and
Mandating a revised ePayments Code.
FinTech Australia will make a submission. Details on how to get involved will be circulated to members this week. If you are interested in contributing please reach out.
Consultation on mandatory industry codes to address scams
The Government is consulting on a framework for mandatory industry codes to address scams. Starting with banks, telcos and digital platforms, the codes will ensure key sectors have measures in place to prevent, detect, disrupt, and respond to scams, including sharing scam intelligence across and between sectors.
Although the initial focus is on banks, telcos and digital platforms, the consultation paper flags expanding the framework in future to capture further sectors, including digital currency exchanges and other payment providers.
FinTech Australia will make a submission. If you are interested in contributing, please reach out.
New CDR Rules take effect
On 1 December new Consumer Data Right rules came into effect which will make it easier for businesses to share their data. The changes include:
a ‘business consumer disclosure consent’ to enable business consumers to share their data with a broader range of advisors and service providers, including unaccredited third parties;
more flexible record-keeping requirements, and consent durations extended beyond 12 months.
Final Government Response to the Quality of Advice Review
The Australian Government has released its final response to the Quality of Advice Review. The response provides a roadmap for financial advice reforms, including:
modernising the best interests duty and removing the 'safe harbour' steps;
introducing a new class of financial advisors with less qualifications who will be able provide simple personal advice; and
expanding superannuation advice to allow super funds to consider a broader range of member's personal and household circumstances.
FinTech Australia looks forward to engaging on future consultation to implement these proposed reforms.
Senate Inquiry into Australia's retirement system
The Senate has launched a new inquiry on improving the consumer experience, choice and outcomes in Australia's retirement system. The Terms of Reference specifically cover: 'the potential role of FinTech in supporting retirement outcomes.'
FinTech Australia will make a submission to this inquiry. The closing date for initial submissions is 23 February 2024.We invite any interested parties to contact our policy team about contributing to our submission.
Winding down Australia's cheques system
The Government is seeking feedback on a plan to wind down the cheque system by 2030, with government use being phased out by the end of 2028.
We are currently working on the submission to:
We recently made submissions on:
Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation consultation
CDR Consent Review and operational enhancements design papers
Modernising Australia's anti-money laundering and counter-terrorism financing consultation;
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 and Opportunities
FinTech Australia have a list of exciting events planned for 2024!
Mark your calendars and reach out to the team if you have any enquiries or would like to support any of these events.
RunTech 5K — no registration required, meet at the details below:
🗓 Thursday, 25 January 2024, 8 AM
📍 Stone & Chalk Startup Hub, Melbourne, VIC
🗓 Thursday, 25 January 2024, 5 PM
📍 Stone & Chalk Startup Hub, Melbourne, VIC
Banking Reverse Pitch
🗓 Wednesday, 21 February 2024
📍 TBA
Fintech for Net Zero
🗓 Tuesday, 21 March 2024
📍 TBA
The Finnies 2024
🗓 Thursday, 6 June 2024
📍 Doltone House Jones Bay Wharf, Pyrmont, NSW
CDR 2024
🗓 Thursday, 27 June 2024 (tentative)
📍 TBA
Intersekt 2024
🗓 18-19 September 2024
📍 Grand Hyatt, Melbourne, VIC
For more events and opportunities from the community, click here.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
LAB Group Enters SMSF Administration Vertical, Bringing Automated Digital Onboarding to SuperGuardian. Read More.
Finance upstarts step in where banks fear to tread. Read More.
Leading AI decisioning platform Rich Data Co successfully raises $28 million in Series B round to accelerate North America expansion. Read More.
Jcurve Partners with Skript to Streamline Bank Feeds Integration for Businesses. Read More.
On the Box selects Spenda to integrate digital payments into their agri platform. Read More.
"I got hit on the head and forgot to pay": Late payments creating headache for business. Read More.
Hashlock Acquires StealthTest to Bolster Web3 Developer Infrastructure. Read More.
B2B payments: What businesses can expect in 2024 and beyond. Read More.
Sandstone + IBM Intelligence Whitepaper — Acquiring & Retaining Gen Z in Banking via A Mobile App. Read More.
Mambu report: Generative AI and regulatory changes to shape APAC financial services in 2024. Read More.
LoanOptions.ai redefines automation as it launches "LO 3.0". Read More.
We collaborated with RedHat for a webinar to discuss the importance of choosing the right partners for your business and discovering strategies vital to your fintech journey. If you missed the chance to watch it live, view the webinar recording here.
For more news, click here.
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 most recent Business Spotlight episode, we had the chance to dive deep in a discussion with Karl Durrance, Managing Director ANZ at Stripe, on the business' goals, what they are doing locally, and how they are involved in the fintech ecosystem in Australia.
