The Senate Select Committee on Financial Technology and Regulatory Technology handed down its interim report on the state of fintech and regtech in Australia in September, proposing 32 recommendations to the government on how to ensure a thriving and innovative ecosystem down under.
In his foreword, committee chair, Senator Andrew Bragg, said he was hopeful the report would be seen as a “series of quick wins”. It covered the research and development (R&D) tax incentive, Australia’s Consumer Data Right (CDR), the digital identity work underway by the Digital Transformation Agency (DTA), as well as competition and regulation fixes.
On Monday, the committee announced it would be undertaking further consultations on Australian fintech and regtech before delivering a final report with additional recommendations in April 2021.
“The committee looks forward to receiving a formal government response to the recommendations in due course. However, it notes that a number of recommendations are