FinTech Voice, March 28, 2024
Hi Community,
It is my pleasure to welcome Sarah Gorman as the new Chair of FinTech Australia and Brian Collins as the Deputy Chair. The Board acts not just as a governance body but also contributes to the strategic direction of the organisation. As the industry continues to evolve, we look forward to working closely with our community, to represent them with the Government and stakeholders.
On that note, thank you for your support in my appointment as CEO. This fast-paced industry continues to make its impact on every business and consumer, and we remain committed to supporting it through the initiatives we organise, the conversations we have, and the relationships we build. As always, please reach out if there is any way we can support.
We’ve finally reached the end of submission deadlines for both The Finnies and the Banking Reverse Pitch.
Finalists for the Finnies will be announced on the 18th of April 2024.
The Banks are aiming to respond to all applicants for the reverse pitch by 16 April 2024. Please reach out to the FA team if you don't hear from the banks by then.
Good luck to all applicants!
Lastly, if you are planning to go to 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,
Chief Executive Officer,
FinTech Australia
Policy Update
Feedback sought: Buy Now, Pay Later reforms
FinTech Australia is preparing a submission in response to the Government's consultation on draft legislation to reform how Buy Now, Pay Later arrangements (BNPL) are regulated.
Last week we had an initial group discussion with members and will develop a draft submission based on the feedback received. If you weren't able to make the group discussion, please contact our policy team if you have any input or to set up an individual call before the consultation closes on 9 April.
ACCC announces 2024 Enforcement Priorities
The ACCC has released its enforcement and compliance priorities for 2024-25, including most notably:
Consumer, fair trading and competition concerns in relation to environmental claims and sustainability.
Scam detection and disruption, supporting the implementation of the National Anti-Scam Centre.
Promoting competition and investigating allegations of anti-competitive conduct in the financial services sector, with a focus on payment services.
Unfair contract terms in consumer and small business contracts.
Competition and consumer issues relating to digital platforms.
Second major Federal Court decision on crypto in ASIC vs Finder
Following the recent decision in the BlockEarner case, the Federal Court has handed down another significant decision regarding crypto assets by finding that Finder did not provide unlicensed financial services in relation to crypto-asset related product 'Finder Earn'.
ASIC had alleged that the Finder Earn product was a debenture. In response to the judgement, ASIC signaled it intends to continue crypto enforcement action to clarify the application of the financial services regime to crypto-assets.
Read more about the decision in our Policy Partner Gadens' recent insights article
Annual Superannuation Performance Test Consultation
Treasury has released a consultation paper on options for reforming the Annual Super Performance Test for MySuper products. The existing test compares performance against historical benchmark returns and median administration fees. The paper outlines a range of options to better assess performance, including alternative metrics and benchmarks for the test.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
We are working on submissions to:
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
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
Get excited for events and opportunities from FinTech Australia and the community!
The 8th annual Finnie Awards Gala Night will be held on the 6th of June in Sydney this year! Ticket sales will be announced soon.
CDR Showcase is back this year as CDR Summit! Save the date for the 3rd of July in The Hilton, Sydney. If you'd like to host your own satellite events, please reply to this email.
SmartCompany have partnered with AWS to give away free subscriptions for startups! Access free annual SmartCompany subscription and access resources to support your startup. Sign up here.
Save these dates! 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.
TRAction and Duco — An Innovative New Partnership for Enhanced Data Solutions and Trade Reporting. Read More.
MogoPlus collaborates to develop industry first Open Banking lending solution. Read More.
Aryza Launches Aryza Decide: Redefining Credit Risk Management in Lending. Read More.
Shift and payFURL integrate for simple trade finance management. Read More.
AP+ Beyond Tomorrow Summit inspired trust in the digital economy. Read More.
FinTech Australia to bolster its support for the industry with the news leadership appointments. Read More.
WeMoney joins exclusive Mastercard program to unlock the potential of Open Banking in 2024. Read More.
Ten Innovative Global Startups Backed by Startupbootcamp Present to Fintech Leaders at Money 20/20 Asia. Read More.
GCI Consulting and Moroku Unveil innovative Bank-as-a-Service (BaaS) Platform. Read More.
GoCardless signs agreement to acquire Nuapay. Read More.
MONEYME Expands Funding Capacity. Read More.
HeirWealth turns on open banking technology from Envestnet | Yodlee to help high net worth families smooth the intergenerational wealth transfer. Read More.
iGoDirect launches Australia’s first ‘Web-to-Wallet’ Digital Prepaid Card Issuing via True Rewards. Read More.
Yondr Money acquires nano-gifting platform Shouta. Read More.
ComplyAdvantage has just launched the State of Financial Crime report on Australia. By comparing responses from Australia with global data from our compliance and AML survey, the report sheds light on differing priorities and what senior compliance executives across the world think will shape 2024. Read the report here.
Putting the spotlight on Redactive — with a strong mission to ensure secure access to the right information across fintechs and enterprises, Redactive unlocks a new category of AI-enabled productivity use cases. Learn more about their innovative approach to AI adoption here.
For more news from the community, view 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! 🇦🇺
On our latest episode, we had the opportunity to chat with 3 amazing fintechs from Scotland — Ligthning Reach, Snugg, and BiscuitTin. We discussed the meaning of 'fintechs for good' by looking at these fintechs that are changing paradigms around a wide range of topics.
