A Senate probe, formally known as the Select Committee on Financial Technology and Regulatory Technology, will delve into the fintech scene in Australia.
Among its terms are to study “barriers to the uptake of new technologies in the financial sector” and “the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups.”
The report on this work is due by October 2020. The six senators that will serve on the committee are yet to be named.
Senator Andrew Bragg (Liberal, NSW), once an executive with the Financial Services Council and the Business Council of Australia, proposed the inquiry.