SEARCH
Fintech key to economic transition: Morrison
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.
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.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
