FinTech Voice, November 21, 2024

Hi FinTech Australia Community,

After our successful End-of-Year event in Sydney, we look forward to hosting the next ones in Melbourne (5 Dec) and Brisbane (11 Dec). Non-members are welcome to join the waitlist as we may have a few spots available. We hope you can join us for an evening of networking and knowledge sharing as we come together to outline our priorities for the coming year.

Last chance to submit your solutions for Citi's Banking Reverse Pitch. Submit by Sunday, 24 November 2024. Learn more about this opportunity.

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Consumer Data Right Rule changes take effect

Changes to the CDR Rules to improve consent and operational processes took effect last week. As supported in our submission, they allow for multiple consumer consents to be bundled and simplify the information given during the consent process. While we supported broadening the circumstances in which banks who are accredited data recipients (ADRs) can hold CDR data so as to help boost bank participation, we were disappointed to see this concession wasn't extended to non-bank ADRs to help even the playing field. The changes proposed in consultation to require data holders to provide an online service for appointing an account administrator as a nominated representative did also not proceed.

Scams Prevention Framework legislation introduced

The Scams Prevention Framework Bill 2024 has been introduced into Parliament, with further House debate on the Bill this week. The Bill responds to some of our member feedback on the potential large compliance burden on smaller entities by providing some flexibility to tailor obligations proportionate to entities' size and capabilities. If passed, we expect further opportunities to consult when the initial sectors (currently banks, telecommunications and social media providers) are designated as part of the SPF, as well as on the design and implementation of the external dispute resolution scheme.

Other news

ASIC has released its 2025 enforcement priorities, with a focus on inadequate cyber security protections, business models designed to avoid consumer credit protections and greenwashing, among other things.
The Federal Government has moved to mandate that businesses must accept cash when selling essential items, with consultation set to begin before end of year.
At the recent Senate estimates hearings, Treasury confirmed it is preparing exposure draft legislation for a payment service provider licensing framework, expected to be released in the first half of 2025.
Earlier this week, the Government released its Cheques Transition Plan, with a 2‑step timeline for ceasing issuing cheques by 30 June 2028 and ceasing accepting cheques on 30 September 2029.
ASIC has taken aim at Australia's 'legislative porridge' in a speech by its Chair at its annual forum, and announced a Simplification Consultative Group to address regulatory complexity.
The Government has opened consultation on amending the Australian Consumer Law toaddress unfair trading practices. We do not intend to make a submission on this consultation, but please let us know if it's of interest.

We are working on these submissions:

Surcharging and Merchant Card Payment Costs Consultation

As mentioned in our recent policy communications, the Federal Government has announced plans to ban debit card surcharges starting in 2026. The RBA has released an Issues Paper as part of its Review into Merchant Card Payment Costs and Surcharging. We are finalising the first draft of the submission, and will share this, and a follow-up call invite, with Policy Working Group members in the coming days.

Project Acacia consultation

The RBA and the Digital Finance Cooperative Research Centre (DFCRC) have published a consultation paper which seeks industry feedback on a new research initiative, Project Acacia. This project will explore how different forms of digital money and associated infrastructure could support the development of wholesale tokenised asset markets in Australia. We expect to make a submission and will reach out to seek views via our policy working groups.

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

Join a free webinar hosted by Rippling and FinTech Australia, Expanding horizons: Balancing compliance, flexibility, and global expansion in 2025. We'll dive into how evolving IR reforms, global hiring strategies, and AI-driven tools are shaping the future of work, helping Australian businesses bridge skill gaps, enhance productivity, and stay competitive in 2025 and beyond.
The Women in Payments Australia Symposium 2024 is happening on the 21 - 22 of November 2024. They've also organised a dedicated fintech session on the 2nd day (22 Nov 2024).
Startupbootcamp is a hosting an exclusive Fintech Showcase on the 21st of November in Melbourne. Meet fintech startups, hear updates on the fintech global market, and be connected with fintech industry leaders.
Teamified, AWS, DoiT, and Thoughtworks are getting the FinTech community together for some hoops and networking on Wed, Nov 27th from 9-11am 🏀.
To celebrate the successes achieved in Australian-India trade relations and marking two years since the signing of the Australia-India Economic Cooperation Trade Agreement (ECTA), Austrade is hosting the India Market Update Roadshow 2024 in Sydney (26 Nov), Melbourne (28 Nov), and Perth (4 Dec). The roadshow comprises of 22 sessions, including market briefing events, panel discussions, industry partner and peer-to-peer events.

Opportunities to not miss

EOI for the Fintech to the United States Going Global program are now open. This program is designed to support high-potential NSW fintech companies ready to explore the US market and expand their global footprint. The program will culminate at New York Fintech Week, from 21–25 April 2025. Deadline extended to December 1st.
Hamilton Locke has launched the Digital Asset Snapshot, which will survey industry to getter a better understanding of the local digital asset landscape, opportunities and challenges. The data gathered will contribute to a national report, which will inform conversations with regulators, industry bodies, and advocates, benefiting the entire sector. Please take 10 minutes of your time to fill out this survey.
Citi's Banking Reverse Pitch Submissions have been extended! Citi is looking for a solution that will act as an integrator for satisfying China, India, Indonesia and Vietnam's additional electronic signature requirements. Submit your solutions by Sunday, 24 November 2024.

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.

Get to know Bridgit from our most recent Member Spotlight. Since launching in 2021, Bridgit has redefined the lending landscape by offering a new way for homeowners to unlock their property wealth and buy their next home before selling their existing one. Read the full article here
Moroku, an Australian leading digital banking solutions provider, announces its inclusion in the Global ESGFinTech 100 List. Read More.
iGoDirect launches Visa Reloadable Prepaid Card for corporate customers in Australia. Read More.
Revolut Business reports strong growth in Australia with 11x revenue increase YoY. Read More.
BRIDGIT SECURES $250 MILLION FACILITY, SUPPORTING $1 BILLION IN ANNUAL TRANSACTION VOLUME. Read More.
CreditorWatch has released a comprehensive whitepaper detailing “How AI is reshaping credit management”. Read More.
Aryza Expands Partnership with GoCardless to Enhance Payment Solutions. Read More.
Noosa Fintech Founder, Rob Neely, Wins Prestigious US Innovation Award in New York. Read More.