On September 11th 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology. This committee will inquire and report on matters including:
- “The size and scope of the opportunity for Australian consumers and business arising from financial technology and regulatory technology
- Barriers to the uptake of new technologies in the financial sector;
- The progress of fintech facilitation reform and the benchmarking of comparable global regimes;
- Current tegtech practices and the opportunities for the regtech industry to strengthen compliance but also reduce costs;
- The effectiveness of current initiatives in promoting a positive environment for tintech and regtech start-ups; and any related matters.”
Australian consumers and businesses will reap the benefits of technology but only if our policies are properly calibrated,” Senator Bragg said. “The fintech and regtech sectors are critical to the future of our jobs and lifestyles.”
Submissions will close December 31st and the committee plan to present its final report by October 2020.
Starling is pleased to have been selected by the Australian Securities & Investments Commission for the inaugural cohort of regtech firms that will conduct a cross border trial of their tools under the auspices of the Global Financial Innovation Network (GFIN). As we extend our footprint in the Australian Market, Starling looks forward to any opportunity to support the work of the Select Committee on Financial Technology and Regulatory Technology.