FinTech Voice, January 16, 2025
Hi FinTech Australia Community,
Wishing you all a happy new year! We're kicking off the year with two big events in Brisbane and Sydney (both on 30 Jan). Hope you can join us.
Hear from Queensland's industry leaders on marketing and growth strategies that have worked for them to scale from startup to established fintech at 'From Zero to Scale: Fintech Growth Strategies'. Register today.
We're launching our landmark report 'Unlocking Growth: How Fintech Payment Solutions Empower Small Businesses’. Access breaking insights into the payments ecosystem and network with industry peers. Register today.
And save the dates for our 2025 key events
The Finnies — Sydney, 26 June 2025
CDR Summit — Sydney, 17 July 2025
Intersekt 2025 — Melbourne, 17-18 September 2025
We've launched the EOI for delegations to international eventsin Bangkok, Japan, Dubai, Amsterdam and more in the first half of 2025. If you are looking to participate in any of these events, please submit the EOI by 31 January.
Today, we launched the 5th edition of the Australian Open Banking Ecosystem Report and Map in collaboration with Mastercard and Open Finance ANZ. View the full report and map here.
Kind regards,
Rehan D’Almeida,
Chief Executive Officer,
FinTech Australia
Policy Update
Regulatory Grid for Financial Services
The Government has introduced a new tool, the Regulatory Impact Guide (RIG), designed to provide clear insights into upcoming regulatory changes that will materially affect financial service providers over the next two years. The RIG covers key initiatives from major regulatory agencies, including:
Australian Securities and Investments Commission (ASIC)
the Australian Prudential Regulation Authority (APRA)
the Australian Competition and Consumer Commission (ACCC)
the Reserve Bank of Australia (RBA)
the Australian Taxation Office (ATO)
Australian Transaction Reports and Analysis Centre (AUSTRAC) and
the Australian Financial Security Authority (AFSA).
Although the grid should help members navigate the regulatory environment, it is not exhaustive and should be complemented by advice from legal professionals or direct consultation with relevant regulatory bodies.
AUSTRAC 2024 compliance report is now open – it’s time to get started
All businesses regulated under anti-money laundering and counter-terrorism financing (AML/CTF) laws are required to submit an annual compliance report to AUSTRAC. You can find out more information about the AUSTRAC compliance report here, including instructions on how to submit.
The 2024 compliance report covers businesses' activities during the 2024 calendar year and must be submitted via AUSTRAC Onlineby 11:59 pm on 31 March 2025. If you have questions about the compliance report, members can visit AUSTRAC’s compliance report page or email contact@austrac.gov.au
Productivity Enquiry Consultation
The Government has formally tasked the Productivity Commission with five new inquiries aimed at identifying ways to significantly enhance Australia’s productivity. Each inquiry will focus on one of the five key pillars of the Government’s productivity agenda:
Creating a more dynamic and resilient economy
Building a skilled and adaptable workforce
Harnessing data and digital technology
Delivering quality care more efficiently
Investing in cheaper, cleaner energy and supporting the net zero transformation
The inquiries are scheduled to run for 12 months, with preliminary recommendations for productivity-enhancing reforms expected in mid-2025. FinTech Australia will closely monitor these inquiries and provide updates to members as they commence.
Treasury's Mandating cash acceptance consultation
The Treasury has released a consultation paper seeking feedback on a proposed mandate requiring businesses to accept cash for the sale of essential items. The consultation paper explores:
Defining essential goods and services to ensure cash remains an option for accessing basic necessities.
Determining which businesses the mandate should apply to.
Additional features, such as transaction caps or time limits, to ensure the mandate is practical for both businesses, especially small businesses, and consumers.
The consultation period closes on 14 February 2025. While FinTech Australia does not intend to make a submission, if members wish to participate in the consultation, please contact policy@fintechaustralia.org.au.
Other news:
The Government has announced key appointments to the RBA across critical areas:
Monetary Policy Board: Ms. Marnie Baker and Professor Renée Fry-McKibbin have been appointed as members.
Governance Board: Ms. Jennifer Westacott AO, Mr. David Thodey AO, Mr. Danny Gilbert AM, and Ms. Swati Dave have been appointed as members.
In addition, the RBA has announced two significant internal appointments:
Sarah Brown has been appointed as the Head of Banking.
Daniel Rees has been appointed as the Head of Economic Research.
New data standards chair for digital ID and consumer data rights
The Government has appointed Dr Ian Oppermann as the Data Standards Chair for Digital ID and Consumer Data Right (CDR) for a two‑year period (beginning on 1 March 2025).
Small business support and resources
The Government has announced an investment of $10.8 million over 18 months to support small business owners through the Small Business Debt Helpline and the NewAccess for Small Business Owners programs, commencing on 1 January 2025.
FinTech Australia encourages members to familiarise themselves with these resources and programs, in case they are of interest.
We are working on these submissions:
Public consultation on new AML/CTF Rules: FinTech Australia will make a submission and circulate a draft to our Policy Working Group to help shape our submission before the consultation closes on 14 February 2025.
Consultation Paper 381 (CP 381): Updates to INFO 225: Digital Assets: Financial Products and Services: FinTech Australia will be making a submission and will reach out to members through our policy working groups to participate before the submission deadline of 28 February 2025.
2025–26 Pre-Budget Submission: We will share a draft pre-budget submission in due course for member input and feedback.
We recently made submissions on:
Review of Merchant Card Payment Costs and Surcharging - Issues Paper
Consumer Data Right Rules – Non-Bank Lending and Banking Data Scope Consultation
Introducing Mandatory Guardrails for AI in High-risk Settings
CDR Rules: Consent and Operational Enhancement Amendments Consultation
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 & Opportunities
Save the dates for our events in 2025!
Mark your calendars and reach out to the team if you have any enquiries or would like to support any of these events.
🗓 Thursday, 30 January 2025, 5 PM AEST
📍 K&L Gates, Brisbane, QLD
🗓 Thursday, 30 January 2025, 4 PM AEDT
📍 L1 Stone & Chalk Sydney Startup Hub, Sydney, NSW
Fintech for Net Zero - TBA
Banking Reverse Pitch - TBA
The Finnies
🗓 Thursday, 26 June 2025
📍 Doltone House Jones Bay Wharf, Pyrmont, NSW
CDR Summit
🗓 Thursday, 17 July 2025
📍 The Hilton, Sydney, NSW
Intersekt 2025
🗓 17-18 September 2025
📍 Grand Hyatt, Melbourne, VIC
Other opportunities from the community
Applications are now open for the USA Cybersecurity Trade Program 2025 — Global Victoria and its USA Victorian Government Trade and Investment (VGTI) offices are delivering a trade program supporting Victorian cybersecurity companies with USA market engagement. Applications close Sunday 2 February 2025.
For more events and opportunities from the community, click here.
Community Updates
Don’t miss all the news and insights from our members and corporate partners from our newsroom.
In today's fast-paced technological landscape, the conveyancing industry continues to struggle with transparency, settlement delays, manual processes, and frequent errors. Learn more on how same day property settlements are a reality with LEXTECH from our most recent member spotlight. Read More.
carsales Partners with Monoova to Launch Industry-Leading Payments. Read More.
Swiss Fintech Association and Swiss Finance + Technology Association Announce Merger. Read More.
Pennant Technologies Named Fastest Growing Technology Company in Deloitte Technology Fast 50 India 2024. Read More.
MONEYME secures A$125 million funding facility with iPartners. Read More.
Raiz Invest Launches "Raiz Jars" for Smarter Savings and Investments. Read More.
Carta Industry Spotlight Report: Global fintech fundraising is trending up in 2024. Read More.
Banking Circle expands global footprint by entering into a definitive agreement to acquire Australian Settlements Limited. Read More.
Raiz expands leadership team to bolster growth into 2025. Read More.
For more news from the community, see here.
New Members
Let's welcome FinTech Australia's new member and Ecosystem Partner! 🎉
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 sit down with Rama Raju, Director and Co-founder of Pennant Technologies, where we discussed about how the business is changing the lending landscape in Australia.
