ABU DHABI Global Market (ADGM) and Innovate Finance headline the unique FinTech event in Bahrain, this December 2016.

The very first Enterprise Excellerate (E-Squared) will be launched on the 1st day of the 23rd World Islamic Banking Conference (WIBC) 2016 with the strategic support of the Bahrain Economic Development Board (EDB).

The conference will endeavor to strengthen the entrepreneurial ecosystem in Bahrain and will feature discussions on the FinTech revolution and the challenges that exist within this space. The event will take place alongside WIBC 2016 on December 5 at the ART Rotana Hotel, Amwaj Islands, Kingdom of Bahrain.

E-Squared will focus on three themes: FinTech, Digital Banking and Start Ups. On this regard, the event will gather over 200 delegates from the technology, finance, entrepreneurial, and banking space to spur discussions on how the Middle East can keep up with the global trends and thus create new digital and tech startups in Bahrain whilst attracting investments for the development of the economy. Leading organizations will be joining this exciting forum to engage in the informative sessions and contribute to the growing entrepreneurial ecosystem.

Amongst the organizations joining E-Squared is the Abu Dhabi Global Market (ADGM) - a broad-based international financial center for local, regional and international institutions that support member institutions with the regulatory framework, legal jurisdiction and attractive business environment for sustainable business growth. The Executive Director of Capital Markets at ADGM, Mr. Wai Lum Kwok will be joining the conference and will speak to the effect of highlighting the GCC as a greater influential hub for global commerce.

In addition to this, Innovate Finance - an association representing UK’s global FinTech community - will join in as an Associate Partner to the conference. Innovate Finance will contribute to the conference through a riveting speech by their CEO, Lawrence Wintermeyer on the trajectory of the FinTech industry within a global standpoint.

E-Squared will feature discussions on topics relevant to the current market scenario including sessions related to the FinTech Revolution, Digital Banking, the Rise of Robo-advisors, Blockchain and Crypto-currencies and much more. The event will also see the exclusive launch of "The Venture Capital Report" by Thomson Reuters.

The conference further welcomes a large roster of speakers who by and large are connected to the financial technology sector. Some of the confirmed speakers include:

• David Parker, Executive Director - Financial Services, Bahrain Economic Development Board
• Lawrence Wintermeyer, CEO, Innovate Finance
• Stuart Hutton, CIO, Simply Ethical
• Azzeddine Chaibrassou, Founder, Qardz
• Areije Al Shakar, Vice President and Deputy Head, Development Services, Bahrain Development Bank
• Haider Al-Mosawi, Co-Founder, Sirdab Lab
• Erkki Aaltonen, Executive Director, startAD, NYU Abu Dhabi
• Bader Alzahrani, Managing Director, Endeavor Saudi Arabia
• Ola Doudin, CEO, Co-Founder, BitOasis
• Jan Skoyles, Research Executive, GoldCore.com Infosys
• Greg Simon, Co-Founder, Loyyal
• David Martinez de Lecea, Founder, Finerd
• Junaid Wahedna, CEO, Wahed Invest
• Martin Young, CEO, Farringdon Asset Management
• Ashar Nazim, Partner, Head of Global Islamic Banking Centre,EY
• Wissam Khoury, Managing Director, Middle East & Africa, FIS
• Othman Abdullah, Managing Director, Silverlake
• Nasser Saleh, CEO, MadfooatCom
• Mohammad Raafi Hossain, CEO, Finocracy
• Isa Ahmed Al Doseri, Assistant Manager of Investment Division, Bahrain Development Bank
• Michael Mellinghoff, Managing Director, Techfluence
• Omar Rana, Co-Founder & Director, Strategy & Finance, Finalytix
• Dilip Sankarreddy, Founder and CEO, QuietGrowth
• Mr. V. Ramkumar, Senior Partner, Cedar Management Consulting International
• Ali Mohsen, Chief Product Officer, Level Z
• Dr. Amer Alzaidi, Head of Information System Department, Vice-Dean Faculty of Computing and Information Technology, University of Jeddah

Enterprise Excellerate will be a one day event that will take place on the 5th of December 2016 at the ART Rotana Hotel, Amwaj Islands, Kingdom of Bahrain. For more details log on to: http://e2.wibc2016.com

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THE House Standing Committee on Tax and Revenue has commenced an inquiry into taxpayer engagement, specifically considering the experiences of individuals and small businesses in interacting with the taxation and superannuation system.

The Chair of the Committee, Mr Kevin Hogan MP, said the committee is particularly interested in examining the cash or black economy and the ongoing digitisation of Australia’s taxation system.

“There has been a lot of commentary recently about how to deal with undeclared cash income. This is just one aspect of the inquiry—albeit an important one—as it says just as much about the community’s acceptance of the ‘hidden economy’, as it does about those who do not declare cash income.”

He also noted that, “It is, however, important not to dampen innovation and micro‑business start‑ups, or to create a new unintended black economy in the pursuit of closing the cash economy tax gap.

“We will be very interested to consider the different experiences of both digital natives (who have recently started to, or will soon be paying income tax) and at the other extreme, the older generation of new digital adopters,” Mr Hogan said.

The inquiry will investigate how taxpayers view and operate with each other, with tax agents and other intermediaries—and ultimately with the Australian Taxation Office.

A number of overseas taxation agencies have used behavioural economics to inform the development of their tax systems; in particular, developing the social norm that paying your share of tax is expected behaviour.

“We would like to hear about what taxpayers believe are their—and other taxpayers’—obligations and why they think this way. Furthermore, we’ll be exploring why individuals and small businesses behave in certain ways, not only about lodgement and meeting tax payments but also about declaring taxable income,” Mr Hogan said.

Written submissions addressing one or more aspects of the terms of reference are requested to be lodged by Thursday, 9 February 2017.

Further details about the inquiry, including the full terms of reference, an explanatory paper and information on how to contribute, can be obtained from the Committee’s website at www.aph.gov.au/taxrev or by contacting the Committee secretariat on 02 6277 4821 or emailing This email address is being protected from spambots. You need JavaScript enabled to view it.           

Interested members of the public may wish to track the committee via the website. 

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A HOUSE of Representatives committee today announced a new inquiry into the social implications of driverless vehicles.

The Standing Committee on Industry, Innovation, Science and Resources will inquire into the social issues relating to land–based driverless vehicles in Australia, including cars, trucks, buses and trains.

Committee Chair Michelle Landry MP says the inquiry will bridge an important knowledge gap in the growing body of research about this emerging technology.

“Our inquiry will focus on issues such as the social acceptance of the technology, how it might benefit Australians with limited mobility, and the potential social implications for driverless vehicles in the industrial and public transport sectors.”

“Other investigations have started to address the technological aspects of driverless vehicles or possible regulatory approaches, and Australia is already at the forefront of using or trialling this new technology. For example, there is currently a driverless shuttle bus on trial in Perth, millions of tonnes of iron ore are already being transported on driverless haulage trucks, and driverless trains are to be used on a new Sydney metro line.

“This inquiry will take the next step with the Committee seeking to understand and encourage open discussion on some of the complex social issues that have yet to be tackled.”

The full Terms of Reference for the inquiry are set out below.

Submissions are due on 6 February 2017. The Committee will then hear additional evidence at public hearings. To make a submission or find out more about the work of the Committee, please visit the Committee’s website.

Terms of Reference—Driverless Vehicles Inquiry

The Committee will inquire into the current and potential social issues relating to land­ based driverless vehicles in Australia.

The inquiry will consider different types of transport (such as cars, trucks, buses and trains)-as well as different driverless options (such as directly controlled, remotely controlled and fully autonomous vehicles).

In particular, the Committee will inquire into and report on:

1. What social issues are relevant-such as:
   a.       general social acceptance levels
   b.      passenger and non-passenger safety
   c.       legal responsibility and insurance
   d.      potential impacts on employment and different industry sectors (such as the taxi industry)
   e.      access and equity issues (such as increasing individual mobility for the elderly and people with disabilities)
   f.        potential public transport applications
2. How each social issue is being handled—including the opportunities and challenges for each issue
3. Recommendations to progress action on the social issues identified

When undertaking this Inquiry the Committee should have regard to:

• non-social aspects relating to driverless vehicles—such as regulatory status, infrastructure, technological readiness, data management and cyber security  issues
• the experience of other jurisdictions and nations
• how Australia might best position itself to contribute to global driverless vehicle initiatives
• the respective roles of the Australian government, the Australian Parliament, other jurisdictions and other stakeholders
• how issues identified from this inquiry might inform work on other emerging technologies

Interested members of the public may wish to track the committee via the website. 

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THE passage of legislation clearing the way for the re-establishment of the Australian Building and Construction Commission (ABCC), along with the Security of Payments Working Group, marks a new era of fairness and productivity in the building sector, Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said.

“For too long, many small businesses involved in the construction industry have had their livelihoods undermined by unproductive, inappropriate and heavy handed conduct at the hands of unions, who have used their power to either twist the arm of small business owners into signing unfair industrial arrangements, or worse still force the little guys off the project altogether,” Ms Carnell said.

“The re-establishment of the ABCC will ensure there’s a tough cop on the beat; it will prevent union coercion and put a stop to bullying, ensuring mum-and-dad small businesses have greater access to major construction projects, which will ultimately bring down rapidly rising building costs here in Australia.”

Ms Carnell congratulated Senator Nick Xenophon for his work in relation to security of payments for subcontractors.

“For a small business, gaining access to a building site doesn’t mean anything unless you get paid at the end of the day.  The reality is, many small businesses in the building sector have been stung by rogue head contractors who either don’t pay their subbies on time, or worse still, the lead contractor goes bust and simply doesn’t pay their subbies at all,” Ms Carnell said.

“The work by Senator Xenophon regarding security of payments will hopefully help stamp out this practice in the future, so small businesses get paid the money that’s rightfully theirs.

“The role of the new Security of Payments Working Group is something my office will look at as part of our current Payment Times and Practices Inquiry, which is investigating the payment terms of big businesses and governments in relation to their commercial arrangements with small businesses, and the measures that can be implemented in the future to ensure the little guys are paid on time.”

www.asbfeo.gov.au

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