Here’s what you need to know today:
1. The movie Minority Report was set in 2054, but it’s already here in NSW. A new report has revealed NSW Police use an algorithm to determine the chances of someone committing a crime, before any offence has taken place. Officers then monitor and intervene before the subject does anything illegal. The report’s authors say the program disproportionately targets those aged under 25 and indigenous people, with children as a young as 10 harassed – with one example forcing a family of a 15-year-old to move out of their area as a result. Read more about the program here.
2. A “buy now, pay later” fintech just raised $10 million to take on Afterpay. Melbourne’s Openpay, which is now cashed up and had ditched the idea of an IPO, and will plough ahead with new board members and an industry portfolio wider than just retail. Read more here.
3. Fintech startup Xinja is aiming to raise $3 million through crowdfunding. The AFR reports the digital banking company is set to become the first to take advantage of the federal government’s new equity crowdfunding laws, going through Equitise to reach retail investors.
4. Scott Morrison wants to make it easier for fintechs to use the regulatory sandbox. InnovationAus.com reports draft legislation has been circulated to loosen up the eligibility and lengthen the testing period to two years, after just three startups used the sandbox this year.
5. ATO is not cybersecurity compliant because of the much-publicised system outages. The SMH reports tax commissioner Chris Jordan said security compliance was delayed until November because all the outages slowed down its progress.