FinTech Voice, September 21, 2023
Hi Community,
Just a quick request for all who haven't completed the Fintech Census yet. Last date to complete is September 24. If you are a fintech, click here to complete the 2023 EY FinTech Australia Census as it helps us with our commentary and policy suggestions to Government, policymakers and media. Thank you to all who have completed it.
Right after a successful Intersekt, I travelled to India for the Global Fintech Festival with Austrade and Investment NSW to represent Australia, learn more about the market and support fintechs. If you are interested to learn more, please reach out.
Congratulations to our members on their major wins. Currencycloud partnered with GO Markets to accelerate broker access to a global market; IDVerse partnered with online digital lending platform Nimo to fast track home loans. Reward-based educational crypto courses are now offered by Revolut and Swyftx which is a great initiative.
Please see below important consultations on Screen scraping, small business lending and more.
Kind regards,
Rehan D’Almeida,
General Manager,
FinTech Australia
Policy Update
We are seeking SME lenders' views on AFCA's new approach to small business lending complaints
AFCA is currently consulting on new guidance on their approach to handling small business lending complaints. We are keen to hear views from lenders in this space on whether they have any concerns about the proposed approach which could inform a FinTech Australia submission
As flagged in our last newsletter, the document signals a more expansive approach and appears to integrate more detailed credit assessment expectations. Pages 24-26 in particular may be of concern to SME lenders - it sets out further inquiries which might be expected depending on the circumstances.
Submissions to AFCA's consultation close on 29 September. Please contact our policy team to discuss further.
Government introduces legislation to implement instant asset write-off
Legislation has been introduced to implement the $20,000 instant asset write‑off for one year, as announced in the 2023‑24 Budget.
Small businesses with aggregated annual turnover of less than $10 million will be able to immediately deduct eligible assets costing less than $20,000, from 1 July 2023 until 30 June 2024.
We are currently working on submissions to:
We recently made submissions on:
Modernising Australia's anti-money laundering and counter-terrorism financing consultation;
Senator Bragg's Digital Asset (Market Regulation) Bill 2023;
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
Is your fintech looking to expand to Canada?
Canada House is coming to Sydney on the 18 - 20 of October 2023, at the first edition of SXSW Sydney!
For 3 days, Canada House will be the place to foster connections, explore new business opportunities and witness the remarkable expertise and potential of the Canadian tech and innovation Ecosystem.
Also hear from Canadian thought leaders, gain practical information about doing business in Canada, and network with some of these Canadian experts!
SmartCompany's pitch competition, the Pitch, is coming back this November!
SmartCompany is partnering with AWS to give your startup everything it needs to scale quickly – up to $100,000 in AWS Active Credits.
To all seed stage or early stage startups, enter now! Entry is fast and free.
Application closes October 27, 2023.
FinTech Australia is proud to announce our partnership with the Startup to Scaleup Summit 2023, a prestigious event dedicated to celebrating the journey from startup inception to successful exit. As Community Partners of the Startup to Scaleup Summit 2023, we are excited to bring our fintech expertise to this dynamic event. It's a unique opportunity to connect, collaborate, and shape the future of entrepreneurship in Australia.
On top of the Summit program, we have two exciting initiatives for participants to be involved in:
Demo Showcase - Exhibiting a selection of innovative Australian technology-focused start-ups across a range of industries.
Pitch Competition - There will be an opportunity for any startup/scaleup that has purchased a ticket to apply to enter the S2S Summit Pitch Competition in partnership with Startup&Angels, with a $10,000 prize. Application details are provided with any purchased ticket.
Event Date: November 16th, 2023
Time: 8 a.m - 5 p.m
Location: Sydney Startup Hub - L1, 11 York Street Sydney NSW 2000
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
GO Markets partners with Currencycloud to accelerate broker access to a global market. Read Here.
Credit Manager Risk Toolkit by Lockton & CreditorWatch. Read Here.
Tanggram appoints Andrew Proebstl as an Advisory Board Member. Read Here.
Shift appoints Stephanie Olliver as General Counsel. Read Here.
PayU India takes a Giant Leap towards Carbon Neutrality in the Fintech Industry. Read Here.
Pennant Technologies Recognised among Asia's Finest Fintechs. Read Here.
Empowerment through Education: Revolut rewards its Australian customers with up to $50 for upskilling in Crypto. Read Here.
IDVerse partners with online digital lending platform Nimo to fast track home loans. Read Here.
Jacobi and Axioma forge new partnership bringing investment managers enhanced risk analytics and optimization tools. Read Here.
VISA Cross-Border Solutions Helps Businesses Grow Globally. Read Here.
Industry News
News from the fintech industry you don't want to miss!
FinTech Australia's Podcast
Listen to the challenges, opportunities, and stories from our community faces across the fintech industry in Australia!
In our most recent episode, we had the chance to chat with Sivan Atad, Founder and CEO of nVest, which had recently won SmartCompany's pitch company, the Pitch.
