Newfound concludes its first Australia Fintech Market Mission
…And it’s a wrap!
Date: 21 Sep 2020
Author: Neal Tantisukrit
Our first ever #newfoundmarketmissions to Australia concluded on a high note last week with tons of insights for our 18 rising fintechs from UK, NZ, Sweden and India to take home.
We would like to thank our 50+ speakers who have contributed to the programme to share their secret sauce, knowledge and war stories. In just 2 weeks, we have covered various government support and important fintech regulations including the new regulatory sandbox, FTA and Consumer Data Right.
Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology
The mission kicked off with a keynote welcome from Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology. Senator Hume highlighted the consumer must be the central focus for the Australian financial services industry.
“Greater adoption of Fintech means a financial system that’s much more inclusive, more competitive with better more tailored products that meet consumers’ needs.”
This focus is being ably assisted with the roll out of CDR (Consumer Data Right) into the Australian banking industry with sectors such as Australia’s $3 trillion superannuation industry ready to benefit. This market focus on the providing the best product and service offering to the Australian consumer is an added incentive to global fintechs looking at Australian expansion.
The regulatory session emphasised that the regulatory frameworks are there to support incoming businesses. AS APRA explained - the focus is on finding reasons to say “yes” rather than “no”. The enhancement of ASIC’s regulatory sandbox to facilitate financial innovation commenced on 1st September a week before the start of the mission.
However, it is important for the Australian fintech regulatory regime to continue this positive evolvement at a greater speed. Asher Tan co-founder of digital currency platform CoinJar explained that the UK’s FCA was a body that Australia could emulate. “In Australia, people are waiting by the sidelines hoping for legislation to go through.”
We learned from the industry best and key in-market experts on the support Australia has to offer and how you can leverage the community to build a strong network. Fintech is a sector ripe for disruption, do your research, understand local nuances and find your competitive advantage in order to stand out.
There were some valuable lessons learnt shared, particularly around the impact of Australian market conditions including the huge mass of banking activity associated the Big 4 banks. As Lynda Coker (Volt Bank) explained “There is a genuine appetite to collaborate and connect. Unfortunately, they are large organisations and it takes time” However as Chris Bayley (Cover Genius) explained Fintech has a big role to play in removing consumer frustrations.
We would like to extend a special thanks to our partners for their continuous support:
Thank you to all of our delegates who have been very engaging in the conversation, asking practical questions and adding colour to the programme. We hope you have gained the insights needed to initiate your go-to-market plan.