Banking News

Government sets up select committee on fintech competitiveness

Government sets up select committee on fintech competitiveness

(11 September 2019 – Australia) In an effort to better support the development of the country’s fintech sector, the government has established a Senate Select Committee Inquiry.

The committee, expected to be chaired by Liberal Senator Andrew Bragg, will examine issues including the implementation of “open banking” and start-up access to the real-time payments system.

The inquiry will spend a year investigating the policy settings for fintech and regulatory technology (Regtech), global developments and barriers to uptake.

The committee will involve the major banks, start-ups and potentially global technology players in hearings and submission processes as the government looks to lift competition in the financial system

“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,” said Mr Bragg. “Fintech has a big future in providing jobs. Clever and competitive must be our credo.”

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