Push for regional fintech hub
A number of recommendations including cutting regulatory complexity and simpler tax structures have been proposed by an industry group led by Senator Andrew Bragg in a bid to create a finance hub in Australia.
The Australia as a Financial and Technology Centre Advisory Group (AFTCAG) was set up in August 2020 by Bragg and includes a broad cross-section of senior executives and board directors in the financial services, fintech and technology.
Bragg had previously called for a more global view of the industry particularly in light of the turmoil between China and Hong Kong which has impacted Hong Kong’s status as a financial hub.
“I know that Hong Kong will still be an important gateway to China but because of the recent turmoil there it just doesn’t have the same attraction as a regional headquarters,” Bragg said at the time.
“We would be mad to sit idly by and allow such a lucrative share of the market leak to Singapore.”
Bragg believes the recommendations will attract new business activities and talent to Australia and will be important in Australia’s economic recovery.
A key focus in the report is the “competitiveness of Australia as a place to base regional financial services and fintech businesses”.
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