This inquiry is about ensuring the settings are optimal to encourage and support Australian FinTech and RegTech businesses, the purpose of which is to increase competition and productivity, offer technology solutions to assist customers, create jobs and also engage in export opportunities. More jobs and more choice will be the dividend.
The committee’s interim report is laid out in the following chapters:
- Chapter 1 provides background on the FinTech and RegTech sectors, introduces the key Commonwealth regulators and relevant work undertaken and underway by the Commonwealth Government;
- Chapter 2 covers the challenges and opportunities for the sector in light of the COVID-19 pandemic, including the role technology enablers during the crisis;
- Chapter 3 looks at some taxation issues relevant to FinTechs and RegTechs, such as the R&D tax incentive;
- Chapter 4 provides an overview of the regulatory environment for FinTechs and RegTechs and discussion of several specific regulatory issues;
- Chapter 5 examines in detail a major regulatory reform, the introduction of the Consumer Data Right;
- Chapter 6 explores the issue of access to capital for FinTechs and RegTechs;
- Chapter 7 discusses issues relating to culture and skills; and
- Chapter 8 details the committee's conclusions and recommendations.