Fintech Voice, June 20, 2024

Hi Community,

I've just returned from the first CDR Satellite event in Perth which had a great turnout and lively discussions. The agenda for the CDR Summit on 3 July, 2024 is now live! We hope you can join us for the in-depth discussions on how to unlock the most with CDR. Make sure to secure your tickets today. Also, check out this article on the transformative change on paying taxes with HMRC, UK's unique Open Banking case by Helen Child, CEO and Founder of Open Banking Excellence. We hope this inspires the local ecosystem to build our own unique use cases with CDR.

10 days remain to pitch for your speaking EOI at the Intersekt Fintech Festival - Australia's largest fintech conference attracting a global audience.

And for those who missed the pictures from the most glamourous fintech night - View photos from the night here.

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Buy Now, Pay Later Bill introduced

The Government has introduced the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 to reform how Buy Now, Pay Later arrangements (BNPL) are regulated. The legislation has not changed significantly from the draft amendments consulted on earlier this year.

Digital ID Bill passes

Last month the Digital ID Bill 2024 passed parliament to establish an enabling framework for the Australian Digital ID System. The new legislation is expected to commence by November 2024.

From commencement, the ACCC will be the Digital ID Regulator alongside the OAIC. Accredited private businesses will be able to apply to join the Australian Government Digital ID System within two years.

Delivering Better Financial Outcomes Consultation (Tranche 1)

The Australian Government has opened a consultation into the Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024. The draft regulations will cover:

Documentation guidelines for the purpose of the Superannuation Industry (Supervision) Act 1993 continue to be met electronically.
Proposal for advisers to make FSGs easier to provide for retail clients in line with Website Disclosure Information.
Remove the requirement for advisers to provide Fee Disclosure Statements as part of an ongoing fee arrangement, update record-keeping guidelines for new consent requirements, and remove references to civil penalties

FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.

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

Get excited for events and opportunities from FinTech Australia and the community!

CDR Showcase is back this year as CDR Summit! Save the date for the 3rd of July at The Hilton, Sydney. Secure your tickets here.
Accounting for SMBs in 2025: AI + ESG + Open Banking — Hosted by SISS Data Services, and as part CDR Summit's satellite event, we’re bringing together thought leaders to discuss the three big issues influencing SMB Accounting as we head into the 2024/25 financial year.
Join AWS for a Fintech Founder Networking Session. Meet fellow FinTech founders, investors, and ecosystem supporters for some drinks and networking
Pause Awards 2024 is open for entries. Showcase your breakthroughs and be recognised among Australia's best. Enter now: www.pauseawards.com
The 5th International Interest-Free Banking and Takaful Forum is happening on July 25th -26th, 2024 at Addis Ababa, Ethiopia. Learn more and register here.

Opportunities to not miss

Fintech Australia is delighted to partner with Startup Réseau to announce the Fintech91 Accelerator Program, sanctioned under the IFSCA FinTech Incentive Scheme, 2022, is for enabling global and Indian FinTech and TechFin startups. Apply here.
Austrade is gearing up for their next Mission of Fintech and Cyber Security in the Banking & Financial Sector (BFSI), centred around the 5th edition of Global Fintech Fest (GFF 2024). Register here.
Now in its 45th year, the GOVEAs acknowledge and celebrate Victoria's most outstanding businesses engaged in international trade. Apply for The Governor of Victoria Export Awards today.

For more events from the community, see here.

Community Updates

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

In an era where digital transformation and AI automation are at the forefront of business innovation, DoxAI stands out as a unique technological innovator in automating and streamlining business processes with its AI-driven digital solutions. Learn more about them from our newest Member Spotlight article.
Change Financial signs Unity Credit Union, continuing growth trajectory in card payments market. Read More.
Making Business Lending Human & Personalised. Read More.
Rich Data Co signs first US customer as part of global expansion and transformation of business lending leveraging AI. Read More.
CreditorWatch appoints Melissa Appleby as Head of Growth. Read More.

For more news from the community, see here.

Industry Updates

Hear out updates from the fintech industry.

New report reveals momentum of NZ fintech on eve of new open banking rules. Read the NZ Fintech Report 2024.
EPAA has recently launched a report from last year's APAC Fintech Payments Forum. Read the report here.

New Members

Let's welcome FinTech Australia's new members! 🎉