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Senate Approves Fintech Inquiry

New South Wales Liberal Senator Andrew Bragg has successfully moved a motion to establish a Senate Select Committee Inquiry into Financial and Regulatory Technologies.

Senator Bragg said the inquiry would be a perfect opportunity to bolster national competitiveness in technology.

“Australian consumers and businesses will reap the benefits of technology but only if our policies are properly calibrated,” he said.

“The Fintech and Regtech sectors are critical to the future of our jobs and lifestyles.”

“The financial sector makes up 11% of GDP so it’s critical we get the policies right.”

The inquiry provides a platform to investigate penetration of FinTech in industries such as agriculture.  

“The focus of our work will be national competitiveness. We will complete a stocktake on the progress to date and a blueprint for Australian Fintech and Regtech,” Senator Bragg said.

“FinTech has a big future in providing jobs. Clever and competitive must be our credo.”

“It’s also essential we start finding ways to widen the use of the consumer data right recently established by the government,” he said.

The Inquiry will size and scope the opportunity for Australian consumers and business arising from Fintech and Regtech.

It will also map and summarise barriers to the uptake of new technologies, catalogue the progress of Fintech facilitation reform, present benchmarking of comparable global regimes, assess current Regtech practices and consider opportunities for Regtech to lower compliance costs while strengthening compliance.

“Only good could come from this inquiry so more Australians can grasp new opportunities,” Senator Bragg said.

Media: John Mangos | 0401 392 624

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