FinTech Voice, September 29, 2022

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Conference season everywhere! Some members return from Cryptocon and Insurtech Connect Asia (With Insurtech Australia) with great experiences and new connections. We also know of members travelling to Money2020 Vegas and FinTech Australia will be representing the fintechs at Singapore Fintech Festival. If you haven’t booked your tickets to SFF yet, we have exclusive discounts 406(13.9%) for our members and community for that event.We also have other meetups and webinars planned for the month of October and November. You will receive a separate update about all the key events we are hosting and promoting. This will include a webcast on the outcomes of the EY FinTech Australia Census 2022.Submissions are being drafted on key consultations that have announced recently.

  • Draft legislation to the enable CDR Action Initiation.
  • Enhancements to the CDR Rules for small businesses to participate
  • BoT’s consultation on tax treatments for crypto assets
  • APRA's draft prudential standard CPS 230

We will be working with our members to draft these submissions. If you would like to know more, please reach out.Regards,Rehan D’Almeida,General Manager,FinTech Australia

Consultation on draft legislation to enable CDR action initiation

The draft legislation sets out the enabling provisions for an action initiation framework but does not identify or implement specific action types. Specific actions would be enlivened under a similar framework to the current designation process for data-sharing.
Treasury is seeking feedback on the draft bill by 24 October. FinTech Australia will make a submission.
These enhancements include introducing a new disclosure option for business consumers with a duration of up to 7 years, delaying reciprocity obligations for newly accredited non-bank lenders for 12 months and introducing an exemption for small-scale pilot products in the banking sector.
Treasury is seeking feedback by 14 October. FinTech Australia will make a submission.
RBA releases 'eAUD' CBDC White Paper
The Reserve Bank has  released a White Paper 404(13.9%) on their research project to explore use cases for a central bank digital currency  (CBDC).
The White Paper, developed in collaboration with the Digital Finance Cooperative Research Centre (DFCRC), explains the design of the pilot CBDC that will be used to explore use cases - both ‘retail’ and ‘wholesale’. The pilot CBDC will be called the eAUD and will be a liability of the RBA and denominated in Australian dollars.
The RBA is calling for use case proposals to be submitted by the end of October. Selected participants will then test use cases on the CBDC platform during November before selected use cases are piloted in early 2023.
If you would like to express interest and propose a use case, please submit using this form on the DFCRC website 789(27.1%)
Senator Bragg releases private bill on digital assets regulation
The RBA is calling for use case proposals to be submitted by the end of October. Selected participants will then test use cases on the CBDC platform during November before selected use cases are piloted in early 2023.

Senator Andrew Bragg has released a draft private member's bill 9(0.3%) for consultation on digital assets regulation.The draft bill sets out a proposed licensing regime for digital asset exchanges, custody services, and stablecoin issuers. It also proposes disclosure requirements in relation to the e-Yuan.Senator Bragg is seeking feedback on the draft bill by 31 October 2022.

Council of Financial Regulators provides quarterly update

The Council of Financial Regulators has provided its quarterly update 4(0.1%), following a 21 September meeting which involved discussion about the CBDC pilot and the progress of the modernisation of payments system regulation in Australia.

Current Consultations

FinTech Australia is currently developing submissions to consultations on

We recently made FinTech Australia submissions to:
  • Treasury's consultation on the draft Consumer Data Right Non-bank Lending Designation Instrument;
  • The Quality of Advice Review Proposals Paper consultation.
💭Think & Grow are working on the most in-demand nationwide research project - the fourth iteration of the Australian Startup Salary Guide 2022/2023. Click here to participate in the survey.📣The Stone & Chalk Group is extending exclusive offers to valued members of Fintech Australia. If you are a tech startup or a scaleup, visit their website for more information.💁🏻Lift Women are funding women and girls who are passionate about their business dreams, want to make a difference and be a CHANGEMAKER! The Female Founder Grant Challenge 2022 is NOW OPEN. You can win 1 of 3 business funding grants, valued at over $15,000 EACH. To apply, simply start a project on Lift Women to be part of the challenge. Or book your free consultation call
🔍 AusIndustry is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. Oct-Nov 2022. For more info, click here.
🇭🇰 Hong Kong Fintech Week 2022 is here - one of the largest conferences on the calendar, attracting more than 12,000 senior executives and featuring over 250 of the world's top speakers including FinTech founders, investors, regulators, and academics. 31 Oct - 4 Nov. Book your pass now.
Tech Collective- Registration Link and Collateral The Tech Industry and Collective event has a registration limit of 210. Each association will be able to register 30 attendees including staff members. Here  is the link, don’t forget to use the code CollectiveFTA to be added to book. 25 Oct, 5pm.
Singapore FinTech Festival (SFF) 2022 Singapore welcomes you in-person to the 7th edition of the Singapore FinTech Festival (SFF). Brings together the global FinTech community. 2-4, Nov, Singapore EXPO. FinTech Australia members enjoy 20% off conference passes (applicable to existing pass rates). Register now: https://bit.ly/3KfqNEr
Forward Festival 2022 Silicon Coast is incredibly excited to have FinTech Australia and FinTech QLD as a partner. 26-30, Sept. 50%
How Fintechs can guide consumers toward financial wellness. Join the webinar hosted by Envestnet Yodlee on October 10, 2022, 6:00 pm - 7:00 pm. Register here
Don’t miss all the news and insights from our members and corporate partners from our newsroom.

 

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