Fintech Australia supports move on fintech senate committee

  • By AB+F Editorial

FinTech Australia has supported the government’s move to set up a Senate Committee focused on fintech.

Under the drive of New South Wales Liberal Senator Andrew Bragg, a Senate Select Committee will lead an inquiry into financial and regulatory technologies.

Bragg said the inquiry would be a perfect opportunity to improve national competitiveness in technology.

The inquiry provides a platform to investigate penetration of fintech in industries such as agriculture.  

“The focus of our work will be national competitiveness. We will complete a stocktake on the progress to date and a blueprint for Australian fintech and regtech,” Bragg said.

“It’s also essential we start finding ways to widen the use of the consumer data right recently established by the government,” he said.

The Inquiry will size and scope the opportunity for Australian consumers and business arising from fintech and regtech.

It will also map and summarise barriers to the uptake of new technologies, catalogue the progress of Fintech facilitation reform, present benchmarking of comparable global regimes, assess current regtech practices and consider opportunities for regtech to lower compliance costs while strengthening compliance.

"We applaud the government for taking a wider view and looking to other markets which has been something FinTech Australia has advocated for a long time given Hong Kong and Singapore’s National Strategy for fintech,” Fintech Australia general manager Rebecca Schott-Guppy said. 

She added that the continued success of fintechs in this country relies upon both consumer adoption and businesses readiness to partner with fintechs.

“An important part of this metric will be the success of the Consumer Data Right and access to the New Payments Platform,” Schott-Guppy said. 

“In regards to consumer adoption, there is still a level of unawareness among consumers about fintech and the benefits they can enjoy through embracing new financial service offerings.

“Government could play a role in helping first validate and then promoting these services to consumers. Trust is hard to earn in financial services.

Government simply talking publicly about new offerings on the market and their benefits could greatly aid fintechs in building that trust.”