Policy Update - July #3
FinTech wins in International Money Transfers
The ACCC has released a new report on International Money Transfers (IMTs), finding that significant market share changes have occurred for the big four banks. From 2016, the market share for the big four was 76%, which has declined to 39% as of January 2024. Fintechs sit above the big four banks at 45% market share, with IMTs processed per month by fintechs grown from $60 million per month to around $1.48 billion per month as of January, this is an approximate 2,200% growth.
FinTech Australia Senate Economic Legislation Committee Hearing
Dylan Burke, Partner at DLA Piper recently represented FinTech Australia last Wednesday in the Senate Economics Legislation Committee hearing on Buy Now Pay Layer legislative reform. We from FinTech Australia thank Dylan Burke for his representation.
FinTech Australia has made submissions on BNPL reforms with respect to the initial round of legislative amendments released for the NCCPA and the NCCPR. Our main focus is to ensure that these reforms continue to foster and encourage innovation and remain competitive on a global scale while ensuring providers of BNPL products and services have sufficient clarity on regulatory compliance matters.
Attorney-General Department Credit Reporting Review Follow-Up
Thank you to Jessica Smith and Jaime Lumsden from Hamilton Locke who represented FinTech Australia this morning in a conversation with the Attorney-General Department to discuss further points made by our members in our original submission.
Payment Times Reporting Rules Amendments Exposure Draft
Treasury has released an exposure draft consultation with proposed rules to support the Payment Times (Amendment) Bill 2024 which has received Royal Assent as of 9 July 2024.
information that must be included in a payment times report, including modified content requirements for special kinds of entities;
method to determine whether an entity is a slow small business payer;
meaning of a qualifying payment time of 20 days or less, for the purposes of determining a fast small business payer;
information relating to the Scheme that may or must be published on the Register; and
transitional provisions for reporting periods beginning before 1 July 2024, with the 2020 Rules continuing to apply, on and after 1 July 2024, to a payment times report for these reporting periods.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
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.
