Senate committee to probe Australia's fintech and regtech opportunity

The Australian government is looking into the opportunities that financial technology (fintech) and regulatory technology (regtech) could present by standing up a Senate committee to, among other things, look at what other countries have already done in that space.

A Select Committee on Financial Technology and Regulatory Technology will undertake the inquiry by examining the size and scope of the opportunity for Australian consumers and business; the barriers to the uptake of new technologies in the financial sector; current practices and ways to strengthen them; as well as the effectiveness of current initiatives in promoting a “positive environment” for fintechs and regtechs.

“The committee would like to hear directly from startups in the fintech and regtech sectors but recognises that most startups do not regularly deal with government and can find it confusing,” the terms of reference for the inquiry says.

It is expected the inquiry will look into supplementary industries in Australia, such as agriculture and medical, which the issues paper says draw upon technology and innovation.

“This inquiry is not about big or small businesses or startups; it is about all Australian businesses being as innovative as possible to create the next wave of employment growth,” it continued. “Australia still has much work to do to transition and advance our economy.”

To read more, please click on the link below…

Source: Senate committee to probe Australia’s fintech and regtech opportunity | ZDNet