ACS welcomes findings of Senate fintech committee

Technology sector peak body ACS has heralded the findings of the Senate Select Committee on Financial Technology and Regulatory Technology as an important step forward in modernising Australia’s regulatory environment.

The professional association welcomed the 32 recommendations released by the committee, including the recommendation to make permanent measures brought in during the peak of the COVID-19 crisis such as digitised company AGMs.

ACS President Dr Ian Oppermann said recommendations to encourage regulators to support a pro-innovation and pro-competition culture in fintech services will provide an important boost to the nation’s ICT sector.

“The COVID-19 pandemic illustrated how digital technologies have become essential to delivering traditional goods and services,” he said.

“By embracing a regulatory framework putting digital services first, the federal government can ensure Australian business and society can reap the benefits of 21st-century technologies. Financial services is a sector where Australia has long-standing expertise and fintech is a field where the local ICT community can show its global competitiveness.”

ACS had estimated as part of its submission to the committee last January that overcoming tax, skills and R&D barriers could see the fintech sector deliver benefits worth $16 billion to the Australian economy.

“As part of Australia’s recovery from the COVID-19 pandemic, economic opportunities such as these should not be overlooked,” Oppermann said.

Image credit: ©stock.adobe.com/au/Tim