FinTech Australia is the leading industry voice for Australias fintech industry.
We work closely with government and industry to develop new approaches which help accelerate innovation in financial services and drive consumer and business demand for fintech, while still ensuring a secure and stable financial system.
Since our inception in early 2016, FinTech Australia has produced over 25 submissions on behalf of its 300+ members. A selection of these is below.
Fintech Senate Committee
In late 2019, Federal Government launched a Select Committee on fintech and regtech, led by the honourable Senator Andrew Bragg. Its primary focus is to examine the rollout of open banking and real-time payments in Australia.
The committee has expressed its interest to hear about other regulatory issues affecting the growth of the fintech industry and requested for a list of policy issues impacting our members.
The comprehensive submission highlighted the legislative, policy and cultural changes that will benefit both consumers and the industry. FinTech Australia continues to engage with all the committee members to ensure there is bipartisan support on the issues.
What We Do Best
We’ve listed here some of the major policy and advocacy wins for the fintech industry and work undertaken by FinTech Australia
The creation of a world-first regulatory sandbox by the Australian Securities and Investments Commission (ASIC) which allows allow eligible fintech businesses to test new products, without holding a financial services or credit licence. Seethe ASIC websitefor further background.
Open financial data
After launching a Productivity Commission inquiry on Data Availability and Use in Australia, the government announced a commitment to create an Open Banking data regime in 2018, to create additional choice and opportunities for consumers and new business opportunities for fintech firms.
This transformational reform initiative was largely driven by the advocacy efforts of FinTech Australia and its members. Visit the Productivity Commission’s Website for more information about the inquiry, and the 2017 Federal Budget page to see the Government’s announcement on Open Banking.
GST treatment of digital currencies
Changes to GST laws so that the purchase of digital currencies are no longer subject to GST from 1 July, 2017. Defining digital currencies and how they should be treated under Australia’s tax, AML and CTF regimes supports the growth of digital currency use in Australia.
Venture capital investment
Changes to make venture capital investment more attractive, which has helped drive more funds towards the growth of early-stage startup companies. See the ATO’s website for more details.
Digital financial advice guidance
The publication of advice from ASIC which supports the ongoing expansion of Australias digital advice industry. Visit ASIC’s website for more information.
International public relations campaign
Receiving a funding grant from Federal Treasury to run an international public relations campaign to promote the Australian fintech industry to the world.
Equity Crowdfunding Private Company regime
After introducing Equity Crowdfunding (ECF) for Public companies, new legislation has been announced to expand Australia’s ECF regime to include Private companies. FinTech Australia and its members undertook a national roadshow collecting feedback from key stakeholders and startup communities to incorporate in our submission on the new ECF regime.
EY FinTech Australia Census
Get your copy of the latest EY FinTech Australia Census.
The EY FinTech Australia Census 2019 is a detailed, industry backed analysis of the Australian fintech ecosystem. This report presents the key findings that act as a powerful platform for FinTech Australia when engaging with members, stakeholders, commercial partners, regulators and government departments.
The Census gives us hard data and credible insights to back our advocacy work to drive the industrys ongoing expansion. This years Census delivers new insights into key industry issues, including how we increase female participation, encourage international expansion and remove barriers to growth.