Fintech sector has “watershed moment”

by Madison Utley24 Oct 2019

The Senate has announced the establishment of a committee to inquire and report on the fintech and regtech sectors within Australia.

The group will look into the scope of opportunity presented by both for consumers and businesses, barriers to the uptake of new technologies in the financial sector, and the ways regtech can strengthen compliance and reduce costs.

Further, it will examine the effectiveness of current initiatives in promoting a positive environment for start-ups, as well as any other related matters that seem relevant throughout the process.

According to Rebecca Schot-Guppy, GM of FinTech Australia, this is a “watershed moment” for fintech within Australia.

“[The issues paper] considers every point we have previously raised to lawmakers. In our eyes, it is the first step towards a national fintech agenda,” she said.

“Many other hub countries, such as the UK and Singapore, have taken proactive measure to promote the growth of this sector — and the employment opportunities it provides.

“As a result, we support this inquiry, this issues paper and the points that have been raised.”

The committee will present its final report on or before the first sitting day in October 2020.

Interested parties can make a submission before the end of this year, 31 December.

While the committee has provided an issues paper to outline its objectives and guide submitters in crafting their input, the paper is “not intended to be prescriptive.” Submissions beyond the issues raised are welcomed if relevant to the terms of reference.