Fintech Voice, July 20, 2023

Hi Community,

It's Intersekt Fintech Festival season already! Keynotes, Regulatory Roundtables, International Delegations, Industry Dinners and a lot more planned for the premium fintech conference in Australia. Early bird tickets end in 2 days so grab your discounted tickets soon!

See below section for policy updates.

Kind regards,

Rehan D’Almeida,

General Manager,

FinTech Australia

Policy Update

APRA finalises new prudential standard on operational risk

Last week APRA finalised a new prudential standard: CPS 230.

CPS 230 is designed to empower banks, insurers, and superannuation trustees to better manage operational risks and respond to disruptions. The core objectives of CPS 230 include strengthening risk management, improving business continuity planning, and, importantly for fintechs, enhancing third-party risk management. The standard will come into effect from July 1, 2025.

APRA urges proactive preparation for implementation and has released a draft Prudential Practice Guide to assist APRA regulated entities in complying with CPS 230. Consultation on the draft guidance is open until October 13, 2023.

FinTech Australia previously made a submission on the draft CPS 230 which was consulted on last year.

ACCC invites views on data brokers

As part of its Digital Platforms Inquiry, the ACCC is seeking views on data broker services in Australia.

The Issues Paper poses questions about the practices of data brokers and potential competition and consumer issues.

The focus of the Inquiry is on businesses that collect information from third-party sources and sell or share that data with other organisations, rather than businesses that collect data on their own customers and use that within their own business, or sell or share that data with others.

FinTech Australia does not propose making a submission to this consultation process.

New National Anti-Scam Centre launches first 'fusion cell' to disrupt investment scams

The Government's new Anti-Scam Centre, launched at the start of this month, will coordinate a 'scam fusion cell' to combat scams.

The fusion cell will be a limited time taskforce led by the ACCC and ASIC which will include representatives from the banks, telecommunications industry and digital platforms. It will bring together expertise to take more timely action to address specific, urgent scam problems.

We are currently finalising submissions to consultations on:

We recently made submissions on:

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 & Opportunities

The Monetary Authority of Singapore (MAS) has announced the launch of the Artificial Intelligence (AI) in Finance Global Challenge 2023 as the 8th edition of the Global FinTech Hackcelerator!

Join the challenge by presenting innovative & market-ready AI solutions to transform the financial industry and win up to S$50,000 + S$500,000 funding from AISG's Start Up grant.

Learn more

Join us for Money20/20 Asia 2024 on the 23-25 April 2024, in Bangkok, Thailand.

Money20/20 is connecting the entire Asian money ecosystem from different sectors.

Also, join us for Money20/20 World Tour in Sydney, 24th of August, 2023.

Come for high-quality conversations with Australasia's most influential players and special guests, Simon Beitz (Alex.Bank CEO) & Danny Levy (Money20/20 Managing Director - ASia ANZ) RSVP your seats now!

SmartCompany is partnering with FinTech Australia, AWS, and Blue Rock bringing the third instalment of its early stage startup competition, the Pitch. Various startups have submit their application and they are ready to pitch on the 10th of August 2023. Get your tickets now and come join us to find out who will be next to win the funding!

Get tickets for the Pitch

Community Updates

Don’t miss all the news and insights from our members and corporate partners from our newsroom.

CreditorWatch partners with CreditSense to expand end-to-end commercial credit risk management offering
LAB Group takes Digital Signing and Witnessing to the Next Level through Integration with DocuSign. Read Here
OFX International Payments Integrate with the Shift Business Overdraft. Read Here
thinkBIG: SME survival guide to inflation and interest rate rises
Mambu Expands Google Cloud Partnership with Marketplace Availability. Read Here
Airwallex appoints Australia and New Zealand General Manager. Read Here
YONDR FY23 Half-Year Update — Celebrating Strong Results and Focused Growth. Read Here
Change Financial granted Principal Issuer License by Mastercard, widening card program access for local banks and fintechs. Read Here
GoCardless appoints Franck Cohen as its first Chair of the Board. Read Here
Indonesia Minister of Trade Zulkifli Hasan inaugurates Privy's Sydney Office, Strengthens Indonesia-Australia Economic Ties. Read Here
EzyRemit partners with Vietcombank Remittance to Promote Fast International Money Transfer Services. Read Here