FinTech Voice, February 29, 2024
Hi Community,
Thank you to all who participated in the Banking Reverse Pitch. It was a huge success and we've received so many proposals already. To view the event recording, problem statement slides, ask any further questions, and submit solutions, visit the Banking Reverse Pitch page. Submit your solutions by Wednesday, 20 March 2024.
We also have a lot of new exciting initiatives planned for this year. See below the most recent updates.
Our first sustainability-focused event, Fintech for Net Zero, is right around the corner. Mark your calendar for 12 March 2024 and get your tickets here.
Award entries for Finnies 2024 is closing in 2 weeks. Submit your entries by the 15th of March and win Australia's most prestigious fintech awards.
Are you planning to attend any of the global fintech events this year? Please let us know so we can help with introductions, discounted tickets and a planned mission program to some of these events.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
FinTech Australia presents on Open Banking at FinTech Hui in Auckland
Earlier this week, our Head of Policy, Nick Kavass addressed the FinTech Hui Taumata conference in Auckland to announce that our Open Banking Ecosystem Map & Report initiative will be expanding to include New Zealand. This will be delivered in partnership with Mastercard, FinTech NZ and Payments NZ.
Nick also provided the audience with an update on Open Banking in Australia and a preview of some insights from the next iteration of the Map & Report which will be published later next month.
AUSTRAC 2023 Compliance Reports due next month
AUSTRAC Compliance Reports are due by 31 of March 2024 for members who provide a 'designated service'.
If you are required to and do not submit your compliance report by 31 March, AUSTRAC may take enforcement action. You can complete your compliance report through the AUSTRAC Online portal.
AUSTRAC consults on draft outsourcing guidance
AUSTRAC has released a new consultation on its draft guidance about outsourcing (i.e. engaging an external provider to help you meet your AML/CTF obligations).
FinTech Australia does not plan to make a submission to this consultation but please reach out if AUSTRAC's proposals raise specific concerns.
Insights on the Federal Court's first crypto enforcement judgment
Earlier this month, the Federal Court handed down its judgment in relation to Block Earner's crypto-backed products which were subject to ASIC litigation.
Our Policy Partner, King & Wood Mallesons has published an article outlining the key lessons from the Court's decision: Check it out here.
We recently made submissions on:
Payments System Modernisation (Regulation of Payment Service Providers) consultation paper
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
Get excited for events and opportunities from FinTech Australia and the community!
Fintech for Net Zero — Tickets are almost sold out!
Date: Tuesday, 12 March 2024, 4 PM
Entries for the 8th annual Finnie Awards are open until the 15th of March 2024! Submit your applications here and win the most prestigious fintech awards.
FinTech Australia will be working with APAC Outlook Magazine on a feature edition on the industry in Australia, showcasing the sector to the world. If you'd like to pitch regarding key business achievements or points of interest within the Australian ecosystem or put up an advertisement in the magazine, please reach out to the FA team.
Save these dates! For more events and opportunities, click here.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
Australian fintech Data Zoo names former London Stock Exchange Group Executive Charlie Minutella as new CEO. Read More.
Startupbootcamp expands fintech focus in APAC with Tim Poskitt as new program Managing Director. Read More.
Bizcap, Australia's Most Open-Minded Lender, Unveils New Financial Solutions to Empower Australian Small Businesses. Read More.
Steward McLeod steps down from Aryza role. Read More.
Afterprime deploys new PrimeXM and TRAction integration for Efficient Data Extraction and Trade Reporting. Read More.
Equity Crowd-Sourced Funding Remains Stable Amid Major Funding Declines. Read More.
Till Payments Partners with Velocity Frequent Flyer to Transform Transactions into Business Rewards. Read More.
Yondr Secures Australian Financial Services License (AFSL), paving the way for innovative financial solutions. Read More.
Introducing the New Frollo: Empowering Better Banking. Read More.
Diversiview announces partnership with SnapTrade. Read More.
Putting the spotlight on Virgo— From revolutionizing crypto trading in Canada to expanding into Australia's vibrant market, Virgo Exchange is committed to driving global adoption. Read Virgo's story and learn about the challenges and successes in navigating the cryptocurrency industry.
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 newest Business Spotlight episode, we had the chance to sit down with Ada Guan, CEO and Co-Founder of Rich Data Co.
We delved deep into the business's journey as one of the leading companies to offer AI-powered services in the Australian financial market, especially in the lending sector. Ada also talked about how FinTech Australia supported RDC's expansion to North America.
