Federal government backing fintechs: Treasurer Morrison
(25 January 2016 – Australia) At a G20 conference in Germany this week, Australia’s Treasurer, Scott Morrison told global central bank governors and finance ministers that the federal government wanted to see the fintech sector "grow big, to thrive and deliver benefits for consumers and the economy."
Treasurer Morrison added that fintech can increased banking competition and facilitate access to new forms of finance. He added that Australia is "strongly pursuing" blockchain technology, and wants to unlock the "enormous untapped potential of Australia's data".
Following findings from the Productivity Commission in late 2016, which called for more access of their personal data by consumers, Morrison highlighted that "fintech is about more than digitising money – it's also about monetising digital data".
Speaking on the need to streamline regulations imposed following the global financial crisis, Morrison said: "It is time for governments to consider how to implement regulation in lower cost ways through the use of 'regtech'.
“Regulation and compliance systems need to adapt and evolve."
He also highlighted initiatives such as the establishment of his fintech advisory group, the new "regulatory sandbox" in the Australian Securities and Investments Commission to help fintechs get licences, ASIC's innovation hub, and the New Payment Platform, a real-time payments system being backed by the Reserve Bank of Australia to say government policy and action must "harness and realise the full potential of fintech".
"Fintech is the way of the future. There is, without doubt, a paradigm shift taking place". But Australia will also be" tempering our excitement through consultation, oversight and remaining critically engaged,” he said.
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