Fintech key to economic transition: Morrison

Treasurer Scott Morrison has unveiled a new government paper on fintech, vowing to create a regulatory 'sandbox' for the sector that will drive innovation and help Australia's economic transition. 

Fintech key to economic transition: Morrison

elaina

Last Updated: 23 March 2016 Published: 23 March 2016

Unveiling the paper at Sydney fintech hub Stone & Chalk in Sydney on Monday, Treasurer Scott Morrison said fintech will be a "very important part of how our economy continues to transition in the future".

"The Government's fintech program both promotes Australia as a hot house for financial services and showcases our innovative financial products and services to the world," Mr Morrison said.

The paper lists the government's fintech 'priorities' as crowdfunding, access to comprehensive credit reporting data, and a regulatory 'sandbox'.

The government has also committed to technology neutrality in financial regulation, as well as guidance on robo-advice (as outlined in a regulatory guideline issued by ASIC on Monday).

"A 'regulatory sandbox' has the potential to encourage and support the design and delivery of new financial products and services that benefit consumers and businesses," said the paper.

MoneyPlace chief executive Stuart Stoyan said the regulatory sandbox builds on some great inroads already made by ASIC.

"It will go a long way to ensuring Australia has a friendly regulatory environment and bring us into line with international peers," Mr Stoyan said.

"MoneyPlace went through an 18 months regulatory approval processes, this will fast track fintechs into the market and help accelerate growth and innovation in the industry," he said.