The Australian Senate Select Committee on Financial Technology (Fintech) and Regulatory Technology (Regtech) has published an “Issues Paper outlining what it intends to review and report back to the Senate.
The Committee was established in September 2019 and consists of six senators. The Fintech and Regtech Committee is to present a final report on or before the first sitting day in October 2020.
According to its mandated mission, the Committee will review the following topics:
(a) the size and scope of the opportunity for Australian consumers and business arising from financial technology (Fintech) and regulatory technology (Regtech);
(b) barriers to the uptake of new technologies in the financial sector;
(c) the progress of Fintech facilitation reform and the benchmarking of comparable global regimes;
(d) current Regtech practices and the opportunities for the Regtech industry to strengthen compliance but also reduce costs;
(e) the effectiveness of current initiatives in promoting a positive environment for Fintech and Regtech start-ups; and
(f) any related matters.
Australia has emerged as a convenient bridge to booming economies in Asia. While the market is small, the Fintech ecosystem has gained the supported of elected officials and a vocal advocacy group – Fintech Australia.
The Issues Paper is calling for written submissions addressing multiple questions regarding Fintech/Regtech.
The paper points to the UK and Singapore as two leading Fintech hubs which may provide helpful perspective in fostering Fintech development.
The deadline for feedback is December 31, 2019.
