Australia’s first fintech minister Jane Hume has warned the banking sector to expect more tech-led competition, and that she believes it is inevitable that more global tech giants will follow Facebook’s lead in targeting financial services.
Speaking to The Australian Financial Review for the first time since taking on the portfolio following the federal election, Senator Hume said she would not buy into any “culture wars” in the portfolio, and was not “pro-bank, anti-bank, pro-industry super or anti-industry super”.
“We want this industry to be as fluid and nimble as possible,” she said.
“Competition isn’t something we should be afraid of. The most important thing is that the financial sector develops an industry that will oversee increased competition and decreased costs, which is fundamental to the Australian economy.
“Financial services is the arterial vein of the economy. It needs to be a system that’s prudent … compliant, efficient … but the most important thing is that it’s outward facing and built around consumer needs.”
