FinTech Voice, January 30, 2025

Written By Katrina Angelika

Hi FinTech Australia Community,

Today, we've launched our first landmark payments report — Unlocking Growth: How Fintech Payment Solutions Empower Small Businesses, in collaboration with Mandala. The report reveals the massive impact of the fintech industry on Australia’s economy and businesses, providing critical data for policymakers to ensure fintech innovation continues. Download full report here.

And to mark this occasion, we're hosting a launch event in Sydney today, bringing together industry leaders to explore the report’s findings and what they mean for the future of fintech in Australia.

Meanwhile, In Brisbane, we are hosting From Zero to Scale: Fintech Growth Strategies, where industry leaders will share insights into scaling their businesses successfully.

We hope to see you there!

For fintechs and other businesses planning global expansion this year, we're here to help! Submit your Expression of Interest (EOI) for international event delegations by 31 January to take advantage of the exclusive benefits we're curating for our members and community.

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Buy Now Pay Later (BNPL) Credit Licensing

From 10 June 2025, BNPL providers must hold a credit licence under the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024. Transitional arrangements allow continued operations if applications are lodged and accepted by ASIC before the deadline. Early action is advised, as applications requiring additional information, such as criminal history checks, may take time. For more details, refer to ASIC’s Information Sheet 285: Buy Now Pay Later Credit Contracts: Credit Licensing.

Review of Tax Regulator Secrecy Exceptions

Treasury is consulting on proposed new secrecy exceptions for the Australian Taxation Office and Tax Practitioners Board. The consultation explores circumstances for appropriate disclosure and seeks input on enabling consumer consent through the Consumer Data Right, as outlined in Section 4.3.

FinTech Australia does not intend to make a submission; however, members interested in contributing are encouraged to contact our policy team. Consultations close on 28 February 2025, with expressions of interest for roundtables closing on 31 January 2025.

Positioning Australia’s financial reporting system for the future

Treasury is seeking feedback on a proposal to merge the Australian Accounting Standards Board, Auditing and Assurance Standards Board, and Financial Reporting Council into a single entity. The consultation, which closes 21 February 2025, focuses on areas such as structure, transparency, and the development of standards for accounting, sustainability, auditing, and assurance.

Expressions of interest for roundtables (held in Sydney, Melbourne, or online) are due by 5 February 2025. For further information or to participate, members can email to FRSReform@treasury.gov.au. FinTech Australia does not plan to make a submission; members interested in submitting are encouraged to reach out to our policy team.

Miscellaneous Amendments to Treasury Portfolio Laws

Treasury is seeking feedback on draft amendments aimed at addressing technical defects, anomalies, and unintended outcomes in Treasury laws. This consultation provides an opportunity to refine explanatory materials and ensure the legislation operates as intended.

FinTech Australia does not plan to make a submission, members interested in contributing are encouraged to contact our policy team. The consultation closes 31 January 2025.

ASIC consultations

ASIC is currently consulting on several proposals:

  • Remake of Employee Incentive Scheme Instruments: Feedback is sought on combining two expiring Employee Incentive Scheme (EIS) class orders into a single legislative instrument. For more information,members can email rri.consultation@asic.gov.au. Submissions are due by 22 February 2025.

  • Relief for Business Introduction Services: Input is invited on extending or reinstating conditional relief for fundraising under managed investment schemes. For further details, members can email IM.sunsettingconsultation@asic.gov.au. Submissions are due by 5 February 2025.

FinTech Australia does not plan to make submissions but encourages members interested in contributing to reach out to our policy team.

FinTech Australia meeting with RBA and Next Steps on Surcharging Review

Last week, we met the RBA’s Payments Policy Department to discuss our surcharging submission and discuss some key points in more detail.

Specifically, the RBA is also examining the role of commercial cards in interchange and surcharging regulation, focusing on the impacts of potential policy changes on commercial and foreign-issued cards.

We are now preparing additional background information to assist the RBA’s review and will reach out directly to impacted and relevant members. Members are encouraged to share feedback on the RBA’s follow-up questions (if any) by Monday, 3 February to our policy team.

Other News:

  • Trans-Tasman eInvoicing Arrangement - Australia and New Zealand’s updated eInvoicing agreement promotes interoperability and efficiency across both countries. The program, managed by the ATO in Australia, aims to streamline transactions and enhance protections against scams.

  • Leadership Appointment at ASIC - Scott Gregson has been appointed CEO of ASIC, effective 17 March 2025, succeeding interim CEO Greg Yanco. Gregson brings extensive regulatory expertise from a 30-year career with the ACCC.

We are working on these submissions:

We recently made submissions on:

  1. Review of Merchant Card Payment Costs and Surcharging - Issues Paper

  2. Consumer Data Right Rules – Non-Bank Lending and Banking Data Scope Consultation

  3. Scams Prevention Framework - Exposure Draft legislation

  4. Introducing Mandatory Guardrails for AI in High-risk Settings

  5. Senate Inquiry into Home Ownership

  6. CDR Rules: Consent and Operational Enhancement Amendments 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

Save the dates for our events in 2025! 

Mark your calendars and reach out to the team if you have any enquiries or would like to support any of these events.

  • End of Summer Drinks — Sydney

    🗓 Wednesday, 12 February 2025

    📍TBC

  • End of Summer Drinks — Melbourne

    🗓 Wednesday, 19 February 2025

    📍Archa Office, Cremorne VIC

  • Fintech for Net Zero

    🗓 Wednesday, 12 March 2025

    📍Sydney

  • Banking Reverse Pitch - TBA

  • The Finnies

    🗓 Thursday, 26 June 2025

    📍 Doltone House Jones Bay Wharf, Pyrmont, NSW

  • CDR Summit

    🗓 Thursday, 17 July 2025

    📍 The Hilton, Sydney, NSW

  • Intersekt 2025

    🗓 17-18 September 2025

    📍 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.

  • Send Payments announces James Read as Chief Growth Officer. Read More.

  • LENSELL Announces Partnership with Swinburne University of Technology to Empower Future Financial Leaders. Read More.

  • ConnectID is joined by Big Four Banks so customers can share less online. Read More.

  • Raiz Invest Announces Strong Q2 FY25 Performance in Key Growth Drivers. Read More.

  • Plenti Announces All Time Record Quarterly Loan Originations of $383.3 million in 3Q25 Update. Read More.

For more news from the community, see here.

Industry News

News on the fintech industry you don't want to miss!

  • Our Landmark Report in collaboration with Mandala — Unlocking Growth: How Fintech Payment Solutions Empower Small Businesses. Download full report here.

  • We recently launched the 5th edition of the Australian Open Banking Ecosystem Report and Map in collaboration with Mastercard and Open Finance ANZ. View the full report and map 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! 🇦🇺

Katrina Angelika
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