Australian Senator calls for blockchain adoption to lift financial regulatory compliance

Australian Liberal Senator Andrew Bragg has hinted at the idea that blockchain technology could be the answer for reducing complications associated with financial regulatory compliance and delivering transparency.

“The future is technology by blockchain,” he said, speaking on Wednesday during the Future of Financial Services 2020 virtual conference.

“It may well be the solution to one-touch government with international transactions in real time. It will eliminate our time zone problem, which has been a problem for Australia over the long run … blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.

“It can help Australia rebuild confidence and trust in financial services in a post-Hayne Royal Commission world.”

Bragg also highlighted the importance of enhancing Australia’s global competitiveness in the financial sector, particularly against Singapore.

“Singapore’s ambition is to build the world’s first global data exchange, and we’re going to have to lift our game to compete with that,” he said.

One suggestion he made was for Australia to look at Hong Kong as a potential growth market.

“Hong Kong will still be an important gateway to China, but because of the recent turmoil there and the foreign influence laws, they won’t have the same regional headquarter attraction. We would be mad to sit idly by and allow such a lucrative share of the market to lead to Singapore or to Tokyo,” Bragg said.

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Source: Australian Senator calls for blockchain adoption to lift financial regulatory compliance | ZDNet