{"id":48062,"date":"2023-10-20T15:57:08","date_gmt":"2023-10-20T15:57:08","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/leading-fintechs-team-up-to-form-fintech-australia-in-a-crucial-step-forward-for-australian-innovation-startupsmart-2\/"},"modified":"2023-10-20T15:57:08","modified_gmt":"2023-10-20T15:57:08","slug":"leading-fintechs-team-up-to-form-fintech-australia-in-a-crucial-step-forward-for-australian-innovation-startupsmart-2","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/leading-fintechs-team-up-to-form-fintech-australia-in-a-crucial-step-forward-for-australian-innovation-startupsmart-2\/","title":{"rendered":"Leading fintechs team up to form Fintech Australia in a \u201ccrucial step forward\u201d for Australian innovation – StartupSmart"},"content":{"rendered":"
\"MoneyPlace<\/div>\n

More than 30 of Australia\u2019s startups, hubs, VC funds and accelerators have united to form a national association for fintechs in a \u201ccrucial step forward\u201d for the sector and Australian innovation in general, MoneyPlace co-founder Stuart Stoyan says.<\/p>\n

Fintech Australia is a new industry body that will represent the country\u2019s fintech community and provide a \u201cunited voice for fintech startups in Australia\u201d, with founding members including MoneyPlace, Stone & Chalk, H2 Ventures, Timelio and the Reinventure Group.<\/p>\n

The association was announced to coincide with the federal government\u2019s creation of an expert fintech advisory council on Wednesday<\/a>, which will consult with government on financial technology issues.<\/p>\n

A crucial step forward<\/strong><\/h3>\n

The creation of Fintech Australia is an important milestone for the sector, Stoyan says.<\/p>\n

\u201cWe have a unified vision and together will ensure Australia is competitive on a regional and global basis,\u201d Stoyan tells StartupSmart.<\/em><\/p>\n

\u201cFintech Australia is leading the way for how innovative companies can put aside commercial differences and work together to help Australia be great.\u201d<\/p>\n

Timelio founder Charlotte Petris says the association will be able to speak for fintech startups across the country.<\/p>\n

\u201cThe association will provide us a strong voice and vital networks and resources to grow, as well as providing a vehicle to help champion the success of fintech ventures like Timelio,\u201d Petris tells StartupSmart.<\/em><\/p>\n

For Stone & Chalk CEO Alex Scandurra startups putting aside their differences and teaming up for the greater good is crucial to the development of the sector.<\/p>\n

\u201cIt\u2019s great to see the fintech community continuing to come together and really driving Australia to lift its game globally,\u201d Scandurra says.<\/p>\n

\u201cWe have all the ingredients to be a world class centre of fintech and it is imperative for our national prosperity that we take advantage of that.\u201d<\/p>\n

Policy recommendations<\/strong><\/h3>\n

Fintech Australia has already submitted a policy position paper to the federal government outlining the \u201cpriorities for reform of the Australian financial services industry\u201d.<\/p>\n

These include a focus on a coordinated reform agenda, raising the profile of fintechs and generating an \u201cecosystem of partners here and abroad to compete on a global scale\u201d.<\/p>\n

The recommendations include mandatory comprehensive credit reporting for large credit providers by the end of 2016, the development of a \u201cregulatory sandbox\u201d for startups to test products or models and a series of changes to the current equity crowdfunding legislation put forward by the government.<\/p>\n

These changes are important in order to stop Australian fintechs from relocating overseas, CoinJar co-founder Asher Tan says.<\/p>\n

\u201cWe, like too many other fintech companies, have had to look overseas to the UK and Asia to find a commercially viable regulatory environment in which to operate,\u201d Tan says.<\/p>\n

\u201cIt\u2019s time for the government to move on this and make Australia an attractive place to launch fintech startups.\u201d<\/p>\n

The inaugural Fintech Australia meeting will be held on March 3rd<\/sup>, where a management committee will be elected and the process of selecting an executive director will begin.<\/p>\n

Follow StartupSmart on Facebook<\/strong>, Twitter<\/strong>, LinkedIn<\/strong> and SoundCloud<\/strong>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

More than 30 of Australia\u2019s startups, hubs, VC funds and accelerators have united to form a national association for fintechs<\/p>\n","protected":false},"author":1,"featured_media":58288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,8,9,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/48062"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=48062"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/48062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58288"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=48062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=48062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=48062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}