Federal Treasurer pushes hard on fintech

by Jonathan Adams

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.”

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more