FinTech Voice, October 10, 2024

Hi FinTech Australia Community,

We’re in the final quarter of 2024!

Sponsor our end of year events! While it’s no longer event season at FA, we are planning for our end of year events in Sydney, Melbourne and Brisbane. If you’re interested in fintech engagement, growing your networks and supporting the fintech community, please reach out.

At the back of Intersekt, submissions for the second edition of the Banking Reverse Pitch featuring Citi & Westpac are still open. Make sure to submit your solutions by 18 October 2024.

It's also a busy consultation season with submissions made for Scams prevention framework, AI Guardrails and homeownership. We also spoke with Treasury on their proposed draft BNPL regulations. See below section of other policy updates.

Lastly, If you run digital technology business including fintech in Victoria, the Victorian Government wants to hear about your challenges and opportunities for the future ➡️ Complete the Survey by 16 October 2024

Kind regards,

Rehan D’Almeida,

Chief Executive Officer,

FinTech Australia

Policy Update

Office of the Australian Information Commissioner (OAIC) approves updates to the Privacy (Credit Reporting) Code

On 1 October 2024, the OAIC approved updates to the Privacy (Credit Reporting) Code (CR Code). These updates aim to strengthen privacy protections for Australians and ensure greater consistency across the credit industry. Key updates include:

Enhanced support for fraud victims
Expanded circumstances in which information can be corrected
New transparency and audit measures

As recommended by FinTech Australia in our recent submission, introduction of a soft enquiries framework has been excluded from these changes so that it can be considered in light of the independent Review of the Credit Reporting Framework (due to be completed by 1 October and tabled in the coming weeks). We expect the soft enquiries framework to be revisited in Q1 2025 and will continue to engage closely with OAIC on the issue.

AUSTRAC's Consultation on Alternative Identification Processes

AUSTRAC has opened a consultation on its draft updated guidance aimed at helping financial institutions help customers who may have difficulty providing standard forms of identification. This update supports financial inclusion by encouraging flexible, risk-based approaches to customer identification, allowing those from diverse backgrounds or facing challenging circumstances to access essential financial services.

FinTech Australia does not propose making a submission but feel free to contact our policy team if this consultation is of interest.

ACCC Releases Compliance Review of Product Reference Data (PRD)

The ACCC recently published the Consumer Data Right (CDR) Compliance Review of Product Reference Data (PRD) highlighting the importance of data quality as a priority under the ACCC/OAIC Compliance and Enforcement Policy for the CDR. The review found that there is a need for data holders to enhance their processes to ensure their PRD remains accurate and up to date. All members who are data holders under the CDR regime are encouraged to review the ACCC report to help ensure compliance and improve the overall quality of PRD within the ecosystem.

ASIC Releases Updated Regulatory Guidance for Carbon Market Participants

ASIC has released updated regulatory guidance for participants in carbon markets through Regulatory Guide 236 (RG 236) - Do I need an AFS licence to participate in carbon markets? The updated guidance provides important information for carbon market participants, including those involved in the Australian Carbon Credit Unit (ACCU) scheme, responsible emitters under the Safeguard Mechanism, as well as market intermediaries and advisers. It aims to help participants determine whether they require an Australian Financial Services licence for activities associated with carbon markets.

Reserve Bank of Australia (RBA) releases Financial Stability Review – October 2024

The RBA has published its Financial Stability Review for October 2024, which assesses the resilience of the financial system and outlines key risks that could impact financial stability. It highlights:

Global Financial Stability Risks: Elevated due to challenging macroeconomic conditions, but Australia’s financial system remains robust.
Households: Australian households have shown resilience to high inflation and rising interest rates, though some remain vulnerable to future shocks.
Businesses: Supported by a strong recovery post-pandemic, but cost pressures and slowing demand are affecting some sectors.
Banks: Australian banks are well-positioned to continue supplying credit even if economic conditions worsen.
Non-Banks: Systemic risks from non-bank financial institutions remain low in Australia, unlike in some other countries.
Operational Resilience: The growing threat of cyber-attacks and technology-related risks highlights the need to further strengthen the resilience of Australia’s financial system.

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!

Money20/20 USAwill take place on the 27-30 October 2024 at The Venetian Resort, Las Vegas.
The Hong Kong FinTech Week will be happening on the 28-29 October 2024 at the AsiaWorld Expo, Hong Kong.
The 9th edition of the Singapore FinTech Festival (SFF) will take place from 6 - 8 November 2024 at the Singapore EXPO.
AI Con 2024 is happening on 7 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. Reach out to us for exclusive discounts (FA Member exclusive).
Be inspired by women making waves in the Australia payments industry and beyond at the Women in Payments Australia Symposium 2024 happening on November 21-22, 2024.

If you are interested in joining any of the international events and would like to access exclusive discounts, please reach out here.

Opportunities to not miss

The second edition of the Banking Reverse Pitch featuring Citi & Westpac is here! Submit your solutions by 18 October 2024.
Applications are open for the fourth UBS Female Founder Award, which recognizes female founders or c-suite executives in the financial technology (fintech) and enterprise technology space. Apply today!

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.

VENTURE DEBT PROVIDER FUNDABL UNVEILS BOLD REBRAND TO MIGHTY PARTNERS. Read More.
The Rise of Insolvencies in Australia and How Software Escrow Can Protect Businesses from Vendor Insolvency. Read More.
Butn launches Retail Private Credit Fund. Read More.
LoanOptions.ai and Occubuy partner to help Australian renters manage personal debt. Read More.
DoxAI appoints Microsoft National Chief Technology Officer ANZ to its board. Read More.

For more news from the community, please see here.

New Members

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