FinTech Voice, May 23, 2024

Written By Katrina Angelika

Hi FinTech,

We're kicking off our flagship events for the year!

We've launched our second annual Consumer Data Right-focused event! Join us for the CDR Summit 2024, featuring a full day plenary and breakout sessions that will explore the cross industry potential and use-cases of CDR, followed by networking with key industry leaders. Register now.

The Finnie Awards is only 2 weeks away! With only a few tickets remaining, make sure to secure your spot.

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Current consultations on Credit Reporting and AML/CTF reforms

We are currently developing submissions in relation to 

  • The Government's issues paper as part of an independent review of Australia's credit reporting framework;

  • A second round of consultation on reforming Australia's anti-money laundering and counter-terrorism financing regime.

We have already held initial group calls with members but please reach out if you are not already involved and would like to contribute to our submissions to either of these processes.

PSRA reforms debated in Parliament; Senate Economic Legislation Committee recommends passage

The Bill currently before Parliament containing reforms to the Payments Systems (Regulation) Act has progressed through Committee and was debated in the House of Representatives last week. The relevant amendments would allow the RBA and Treasurer to regulate a broader range of payment systems and the participants within them.

We are working on submissions to:

  1. Review of Australia’s Credit Reporting Framework

  2. Reforming Australia’s AML and CTF Regime

We recently made submissions on:

  1. Credit Reporting Code variations consultation

  2. Buy Now Pay Later regulatory reforms

  3. NSW Innovation Blueprint

  4. ACCC Designated Complaints determination

  5. Inquiry into Payments Systems (Regulation) Act amendments

  6. Payments System Modernisation (Regulation of Payment Service Providers) consultation paper

  7. 2024–25 Pre-Budget submission

  8. Regulating Digital Asset Platforms - Proposals Paper

  9. Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation consultation

  10. Screen Scraping - Policy and Regulatory Implications

  11. CDR rules - Expansion to the non-bank lending sector

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!

Opportunities to not miss

  • Submissions into the EPAA 2024 APAC Payments Excellence Awards Program are open! Read more about the awards and the categories here

  • Are you an Australian scale-up working on innovative fintech solutions and are interested in exporting to India? Join the India Tech Export Catalyst (ITEC)! A 6-week program to support Australian tech scale-ups with Indian market opportunities, practical insights and potential partnerships. Read more about it and submit your EOI here.

  • 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.

For more events and opportunities from the community, click here.

Community Updates

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

  • Data Zoo Secures $35 Million in Series A Funding form Ellerston JAADE to fuel Global Expansion. Read More.

  • WeMoney Secures $3M, Plans $10M+ Fundraise & Signs Deal with Mastercard for Open Banking. Read More.

  • Shift completes $230 million Asset Backed Securitisation (ABS). Read More.

  • M&T Bank Expands Use of nCino with Adoption of Continuous Credit Monitoring Solution Powered by Rich Data Co's Explainable AI Platform. Read More.

  • Gift Card Disruptor Karta Partners with Visa. Read More.

  • ClearScore Appoints New GM for Australia and New Zealand. Read More.

  • Ord Minnett Appoints LAB Group to Automate Digital Onboarding. Read More.

  • Overcoming Tech Skill Gaps: Scaling Your FinTech Without Barriers. Read More. 

  • New CreditorWatch tool helps businesses get paid. Read More.

  • AssuranceLab: The journey towards 50 incredible team members. Read More.

  • Arctic Intelligence discusses top three challenges businesses face in meeting regulatory expectations for money laundering and terrorism financing risk assessments. Read More.

  • Resimac Asset Finance adopts Antero’s Incept Origination Platform to revamp Chattel Mortgage. Read More.

  • Bizcap Appoints Tony Truong as Chief Credit Officer and Doubles the Size of its Credit Team. Read More.

  • Vertex Cyber Security partners with Humanitix to ensure the continued success of their charitable mission. Read More.

  • Australia, will you be custodying digital assets? An article by Zodia. Read More.

  • A Game and a Bank? Marsupium’s Bold Vision to Challenge Norms Enters Beta Testing With Schools! Read More.

For more news from the community, see here.

New Members

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

Zip

FinTech Australia's Podcast

Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia! 🇦🇺

In our latest Business Spotlight series, we had the pleasure to sit down with Marshall Pribadi, CEO & Founder and Rob Hotchin, Country Manager of Privy Australia — a certified digital ID provider trusted by over 45 million users.

We explored the business’s origins, upcoming initiatives to deliver easy, fast, and verified digital signature solutions to the Australian market, and the future of the Australian digital ID landscape.

Katrina Angelika
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