FinTech Voice, October 19, 2023

Written By Katrina Angelika

Hi Community,

Please see below for policy updates, upcoming opportunities from our members and partners, FinTech Australia's 2024 flagship events announcement and more!

Policy Update

Consultation starts on a new regulatory framework for digital asset platforms

Treasury has released a long-awaited consultation paper on proposals for regulating digital asset platforms. This follows consultation back in February on 'token mapping' and focuses on regulating and licensing intermediaries.

The paper proposes expanding the financial services laws to these platforms by creating a new financial product called a 'digital asset facility' for holding digital assets or assets backing digital assets. Operating a digital asset facility would require an AFS license, with general AFSL obligations applying. The paper also considers other minimum standards and requirements for custody and reporting.

The Government has signaled it plans to progress these proposals to draft legislation next year.

FinTech Australia will make a submission. Details on how to get involved in developing our submission will be circulated to Policy Working Groups later this week. Please also feel free to reach out directly.

New legislation to regulate digital payments services

The Government is now consulting on exposure draft legislation to implement reforms to the Payment Systems (Regulation) Act 1998.

The proposed legislation largely reflects the previous consultation paper on these changes from June. Broadly it would:

  • Update the PSRA to ensure the Reserve Bank of Australia has the ability to regulate new and emerging payment systems, such as digital wallet providers;

  • Introduce a new ministerial designation power that would allow particular payments services or platforms that present risks of national significance to be subject to additional oversight by appropriate regulators.

FinTech Australia will make a short submission. If you are interested in contributing or have concerns with the draft you would like raised, please contact our policy team.

New consultation paper on "payday super"

Treasury has released a consultation paper on the implementation of Government's Budget commitment to require employers to pay superannuation guarantee entitlements on the same day that they pay employees salary and wages, including a redesigned compliance framework. 

FinTech Australia does not propose making a submission to this consultation but please reach out if this consultation is relevant to you or you are considering making a submission.

We are currently working on the submission to:

  1. Regulating Digital Assets

  2. Screen Scraping - Policy and Regulatory Implications 

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

We recently made submissions on:

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

  2. CDR Consent Review and operational enhancements design papers

  3. ACCC Data Brokers Issues paper;

  4. Supporting Responsible AI: Discussion Paper;

  5. Licensing of payment service providers - payment functions;

  6. Reforms to the Payment Systems (Regulation) Act 1998;

  7. Modernising Australia's anti-money laundering and counter-terrorism financing consultation;

  8. Senator Bragg's Digital Asset (Market Regulation) Bill 2023;

  9. AFCA Rules and Operational Guidelines consultation.

  10. House of Representatives Standing Committee on Economics inquiry into promoting economic dynamism, competition, and business formation;

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 FinTech Australia's 2024 Flagship Events! 

Austrade and FinTech Australia are bringing in a new initiative, Fintech for Net Zero. A single afternoon showcase event to scope and learn more about the fintech for net zero business capabilities in Australia. 

πŸ—“ Mark your calendars and make sure to secure your budgets to support these exciting events.

If you're interested in more information or receiving your prospectus, reach out to the team here.

ο»ΏAlso don't miss out on these exciting events from our members and partners!  

  1. Online Webinar: Derisking the CDR for Non Bank Lenders presented by ProductCloud will dive deep on the proposed rule, managing the risks and challenges, and share insights from previous sector rollouts.

  2. Hong Kong FinTech Week β€” Experience the newest and most cutting-edge technologies and be inspired by the world’s tech giants, speakers, and influential regulators.

  3. Singapore FinTech Festival β€” At this year's edition, SFF 2023 will focus on the growth and adoption of Artificial Intelligence and how this technology can potentially be used in financial services.

  4. Startup to Scaleup Summit β€” a full-day event of keynote presentations, panel discussions, education, leadership development, and networking with fellow peers and industry leaders in the Australia startup and scaleup ecosystem.

Community Updates

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

New Members

Let's welcome FinTech Australia's newest members! πŸŽ‰

leaselab

FinTech Australia's Podcast

Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia! πŸ‡¦πŸ‡Ί

In our most recent Business Spotlight episode, we had the chance to dive deep in a discussion with Fernando Zandona, CEO at Mambu, on Mambu's history, journey, and how they are providing solutions for fintechs and banks around the world.

Katrina Angelika
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