The rise of fintechs and the digitisation of the finance sector have signalled a “paradigm shift” for both business and government, presenting both with opportunities and challenges Federal Treasurer Scott Morrison said.
Speaking at the G20 conference at Wiesbaden in Germany late last week, Mr Morrison outlined how innovation was transforming finance and presented a broad overview of Australian government policy in the sector.
“Fintech is the way of the future. There is, without a doubt, a paradigm shift taking place,” Mr Morrison said.
“While we cannot go backwards, the success of fintech is not guaranteed. It is important that all of us work together, across borders, to help build this industry so that it can deliver for consumers, for businesses and for our respective economies. That is what this moment, this opportunity, demands of us.”
“We must ensure that our policies and actions harness and realise the full potential of fintech – by removing barriers to these innovations and encouraging our citizens and businesses to embrace new financial product and services – while maintaining acceptable risk levels to ensure that confidence in our financial system is retained,” he said.
Fintech Australia CEO Danielle Szetho says Mr Morrison’s priorities fall largely in line with what the community has been calling for.
“The agenda we’re setting is pretty similar,” Ms Szetho told InnovationAus.com.
“Mr Morrison is right to talk with pride about the things we’ve achieved. Australia is making forward steps with regulatory changes as opposed to other jurisdictions, which has been like putting lipstick on a pig. It’s actual, real concrete policy change to be proud of.”