Fintech Voice, June 8, 2023

Hi FinTech,

We've had an exciting week with major regulatory announcements from the Government on the CDR and payments system reform.

FinTech Australia was delighted to see finalisation of the Government's Strategic Plan for the Payments System and the commencement of long-awaited consultation processes on payments licensing. 

The Government also released its response to last year's Statutory Review of the CDR, providing certainty on the future direction and priorities as the reform continues to roll out.

We also recently launched the new CDR Month initiative – a series of events throughout June to promote and raise awareness about the Consumer Data Right. FinTech Australia will host the marquee CDR Showcase half-day conference on 29 June, featuring a keynote address, topical panel discussions and a 'use case showcase' session where founders will present on their exciting CDR use cases. These will cover payments, lending, climatetech, financial management and literacy and other exciting use cases. Your participation is crucial in amplifying our collective voice and making an undeniable impact.

In other news,

The Finnies was a massive success and we would like to thank you all for your support. Here is the full album and congratulations to all the winners!

Don't miss the webinar today we're hosting on Customer-Centric Risk Decisioning in Digital Lending webinar with Clayton Howes (CEO, MoneyMe), Joanne Edwards (Chief Risk and Compliance Officer, Wisr) and Bharath Kumar Vellore (General Manager APAC, Provenir).

And lastly, Intersekt!

If you would like to discuss speaking opportunities, sponsorship, activation zones and more, please reach out.

Kind regards,

Rehan D’Almeida,

General Manager,

FinTech Australia


Policy Update

Major payments system reform announcements and finalisation of the Strategic Plan

The Treasurer this week announced the finalisation of the Strategic Plan for the Payments System, which sets out the Government's policy objectives and priorities for payments.

Accompanying the finalisation of the Plan, the Government released two consultations which were outlined in the Plan:

  • A discussion paper on defining payment functions, to support a licensing framework for payment service providers; and

  • A consultation paper on proposed reforms to the Payment Systems (Regulation) Act 1998.

FinTech Australia will make a submission to both consultation processes. Details on how to get involved will be distributed to Policy Working Groups shortly.

Submissions close on 5 and 19 July.

Government responds to the Statutory Review of the Consumer Data Right

The Government this week released a statement in response to the Statutory Review of the Consumer Data Right.

The response agrees to many of the Review's recommendations and sets out a path forward for the next few years, notably flagging:

  • Greater focus on supporting the CDR to mature in banking and energy and improving data quality, before considering further sectoral expansions like telcos, super and insurance;

  • Prioritising the rollout of action initiation;

  • Enhancing cyber security;

  • Greater transparency on the consultation schedule and forward timelines;

  • Greater visibility of the 'Benefits Realisation Management Framework'; and

  • Consultation on policy options for phasing out screen scraping.

Minister Jones also flagged that an update will be available "very soon" on the Version 5 CDR Rules, which include implementation of business disclosure consents. 

New consultation paper on Safe and Responsible AI in Australia

The Government has recently released a discussion paper on safe and responsible AI in Australia. The discussion paper explores a range of potential tools, frameworks, principles, regulations, standards, and business practices aimed at ensuring responsible AI use. The paper builds upon the Government's National Science and Technology Council's Rapid Research Report on Generative AI.

FinTech Australia will make a submission. We will release specific communication about how to get involved to our Policy Working Groups.

Please contact our Policy Team if you would like to contribute to our response. Submissions close on 26 July.

AUSTRAC publishes final guidance on debanking

AUSTRAC has released new guidance aimed at addressing the issue of debanking.

This new guidance is aimed at banks and businesses operating within sectors affected by debanking. It seeks to clarify the role that both banks and affected businesses play in ensuring a balance between risk management and financial inclusion.

FinTech Australia and our members were closely involved in the development of this guidance. We appreciate the guidance and AUSTRAC's position of discouraging the indiscriminate and widespread closure of accounts across entire industries and encouraging banks to assess their customers’ financial crime risks on a case by case basis.

However, we remain disappointed about the lack of action in implementing the Council of Financial Regulators' proposed policy responses to debanking. If you have recently been impacted by debanking, please reach out to the team. Data and recent de-identified case studies help us to raise this issue with Government.

AUSTRAC's National Risk Assessment Survey

AUSTRAC is actively working on two national risk assessments to showcase Australia's comprehension of money laundering and terrorism financing risks.

AUSTRAC invites members to complete a short survey to help them gather insights into the current money laundering and terrorism financing environment in Australia and the measures currently in place to mitigate these risks. Completing the survey should only take 5-10 minutes.

The survey closes on 16 June 2023.

Current consultations

 We are currently developing submissions to consultations on:

  1. Licensing of payment service providers – payment functions;

  2. Reforms to the Payment Systems (Regulation) Act 1998;

  3. Department of Industry, Science and Resources - Supporting Responsible AI : Discussion Paper;

  4. Modernising Australia's anti-money laundering and counter-terrorism financing consultation.

We recently made submissions on:

  1. Senator Bragg's Digital Asset (Market Regulation) Bill 2023;

  2. AFCA Rules and Operational Guidelines consultation.

  3. House of Representatives Standing Committee on Economics inquiry into promoting economic dynamism, competition, and business formation;

  4. Privacy Act Review Report consultation;

  5. Treasury's consultation paper on crypto token mapping;

  6. Senate Economics Committee inquiry into the CDR Bill;

  7. CDR Non-bank lending sector design paper.

  8. Strategic Plan for the Payments System Consultation Paper;

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.

If you would like to get involved, please reach out to discuss membership


Upcoming Events/Opportunities

As we dive deeper to the world of Consumer Data Right (CDR) and Open Banking, join CDR Month's satellite event "Will Fortune Favour the Brave?" hosted by Ajeka

The event will be joined by a list of panelists including Jacob Parker, CEO Fiskil, Stuart Low, Founder and CEO Biza.io, Chris Malcom, General Manager – Data, Analytics & Open Banking P&N Bank, and more to be announced.


Does your early-stage startup need funding? Apply to the Pitch, SmartCompany’s startup pitch competition where your startup could win up to $100,000! Get feedback on your big vision, unique market potential, and exciting solution from VC's like Blackbird, Tractor Ventures, AWS, and many more.


 If you are a business professional or technologist seeking a career move in the fintech sector, be sure to join the upcoming free-to-attend eFC’s Global Fintech Fair, on June 21, 2023 to expand your professional network and gain insights from potential employers!


Bank of America Breakthrough Lab™ Seeks Founders of Early-Stage Startups. Founders of early-stage startups from underrepresented communities are encouraged to apply to the program that promotes financial inclusion and financial technology development with the goal of increasing the number and growth of small businesses.


Community Updates

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New Members

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