From August 28 to September 1, our team participated in the UK Department for Business and Trade's (DBT) Fintech mission to Australia, which included attendance at the Intersekt Festival in Melbourne.
The Intersekt Festival, hosted by FinTech Australia, brought together fintechs, financial services, policymakers, regulators, investors, and advisors devoted to examining, discussing, and unlocking the potential of Australia’s fintech market.
The agenda was packed with a wide variety of sessions and networking events, providing the 1000+ attendees with valuable insights into Australia's fintech ecosystem.
Highlights of the event included a fireside chat with Joseph Healy, CEO of Judo Bank. During the session, he discussed the potential for regulation to stifle innovation. As regulatory bodies continue to implement new guidelines to ensure operational resilience and business continuity, it is essential for fintechs to understand these requirements and prioritise compliance while still driving growth and innovation.
The event highlighted the regulatory compliance challenges currently facing the Australian fintech sector. In July 2023, the Australian Prudential Regulation Authority (APRA) released its finalised Prudential Standard, CPS 230, Operational Risk Management. CPS 230 aims to ensure that regulated financial entities can withstand disruptions, both cyber and non-cyber related. Financial institutions and those who depend on critical software provided by fintechs are seeking assurance that their applications are protected in the long term. Fintechs can gain a competitive edge by ensuring that their solutions comply with these regulations, setting them apart from competitors in the decision-making process.
As part of the mission, our Sales Manager (Australia), Abigail Thornley, joined Dexter Cousins on the Fintech Chatter Podcast. On the podcast, Abigail explains how software escrow has facilitated innovation in the fintech sector and provides a valuable proposition for fintechs by enabling customers to embrace new solutions with confidence.
Software escrow provides customers with the assurance that, in the event of a supplier failure or service disruption, they will have access to the source code required to recreate and maintain their business-critical application.
Listen to the podcast here
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The trade mission was an excellent opportunity for us to connect with the fintech community, collaborate with delegates, and explore new opportunities.
The discussions and sessions we attended provided valuable insights into the challenges facing the fintech industry, particularly around the importance of balancing regulatory compliance and driving innovation.
We look forward to continuing our involvement in future events and initiatives to support the growth and development of Australia's fintech ecosystem.
APRA Prudential Standard CPS 230 Operational Risk Management
The Australian Prudential Regulation Authority (APRA) has released a new prudential standard to help insurers, superannuation trustees, and banks improve their operational risk management. Learn everything you need to know about CPS 230 in our spotlight guide.
