FinTech Voice, November 7, 2024

Hi FinTech Australia Community,

If you are a NSW company looking to explore the US market, EOI for the Fintech to the United States Going Global program are now open. This program will culminate at New York Fintech Week, from 21–25 April 2025.

Also, submissions for Citi's Banking Reverse Pitch have been extended until November 24th. Learn more about this opportunity.

Lastly, are you headed to the Women in Payments Australia Symposium 2024? They've organised a dedicated fintech session so we hope you can join!

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

ASIC highlights AI governance gaps among licensees

ASIC recently released its report REP 798: Governance Arrangements in the Face of AI Innovation, reviewing how 23 AFS and credit licensees are adopting AI and managing risks, including in credit decisioning. Nearly half the licensees did not have policies in place that considered consumer fairness or bias. Although ASIC highlighted most licensees are using AI cautiously, often to support human decision-making, it also noted concerns that governance updates may not keep pace with AI adoption, creating potential gaps in risk management. Members looking to use AI in their businesses, particularly in credit decisioning, should consider the report findings and update their governance policies accordingly.

OAIC releases guidance on Privacy and AI in Australia

OAIC has issued two guidance notes addressing privacy in AI development and application. Their first guidance, "Guidance on privacy and developing and training generative AI models," advises that developers of generative AI should evaluate whether training data includes personal or sensitive information and ensure its use aligns with privacy obligations. The second guidance, "Guidance on privacy and the use of commercially available AI products," recommends that businesses using AI technologies clearly outline AI-related data practices in their privacy policies, among other considerations.

We are working on the following submission:

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 Paperas part of its Review into Merchant Card Payment Costs and Surcharging.

We recently held our first consultation call and are preparing our draft submission. If you haven’t yet joined the consultation process and would like to be involved, please contact our policy team.

CDR news

Earlier this week, Treasury’s Consumer Data Right Engagement team flagged that they expect to release the latest draft of CDR Rules for Non-Bank Lending in the next few weeks, with consultation responses due before Christmas. We’ll keep members updated.

Upcoming Events

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

AI.Con[2024]: Data**AI: 7th of November 2024 at the Hilton, Sydney — The industry event designed by data and AI practitioners for practitioners to empower you to lead the future of innovation.
The 6th Indonesia Fintech Summit & Expo (IFSE) 2024 is taking place on the 12-13 November 2024 with the theme of "Technology Convergence: Shaping the Future of Finance and Beyond!"
The Arca Credit Summit is happening on the 13th of November 2024, bringing together professionals in credit risk, data tech and compliance – all in the glorious surrounds of Queensland's Gold Coast.
Join a CRC-P Industry Workshop on Securing the future: Fraud prevention, privacy, and innovation in payments hosted by RMIT University's Centre for Cyber Security Research and Innovation in collaboration with Novatti and Deakin University on the 14th of November 2024.
Join Startupbootcamp at their Fintech Showcase in Melbourne happening on November 21st. You'd be able to meet fintech startups, hear updates on the fintech global market, and be connected with fintech industry leaders.
Be inspired by women making waves in the Australia payments industry and beyond at the Women in Payments Australia Symposium 2024 taking place on November 21-22, 2024.
The Point 2024 — Aotearoa New Zealand's premier biennial payments event is happening on the 19-20 November 2024.
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 event will cover a market briefing and a panel discussion with businesses that have been operating in this space in India

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. Apply by November 17th.
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 Yak Pay from our most recent Member Spotlight! Over the past decade, Yak Pay has transformed the financial landscape for B2B and C2B transactions, streamlining cash flow management while enhancing rewards-earning opportunities. Read Full Article.
Diversiview Creates AI-Powered Voice Summaries for Investment Portfolios. Read More.
Open Insurance and CUPRA Redefine Car Buying in Australia with New Insurance Integration. Read More.
UpSure Launches Multiquote Cyber Insurance Offering for Australian Startups and SMEs powered by Insurbot. Read More.
Change Financial announce the retirement of Alastair Wilkie as Director. Read More.
Raiz Invest Announces FY25 Q1 Quarterly Business Updates – Revenue up 15.2% YOY to $5.66m. Read More.
JustFund Accelerates Growth with $92M Capital Raise. Read More.