Select Committee on Australia as a Technology and Financial Centre

Previous work of the committee

Select Committee on Financial Technology and Regulatory Technology

On 11 September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology. The committee will inquire and report on the following matters:

  1. the size and scope of the opportunity for Australian consumers and business arising from financial technology (FinTech) and regulatory technology (RegTech);
  2. barriers to the uptake of new technologies in the financial sector;
  3. the progress of FinTech facilitation reform and the benchmarking of comparable global regimes;
  4. current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs;
  5. the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups; and
  6. any related matters.

The committee is to present its final report on or before the first sitting day in October 2020.

On 24 April 2020, the reporting date was extended from the first sitting day in October 2020 to 16 April 2021.

Making a submission

The committee has published an issues paper to guide submitters. The paper is not intended to be prescriptive. Your submission may go beyond the issues raised in the discussion paper if it is relevant to the terms of reference.

Second Issues Paper

The committee has published a second issues paper to guide submitters. The paper is not intended to be prescriptive. Your submission may go beyond the issues raised in the discussion paper if it is relevant to the terms of reference.

Submissions should be emailed to: fintech.sen@aph.gov.au

 

Select Committee on Australia as a Technology and Financial Centre

On 18 March 2021 the Senate agreed: 

That the resolution of appointment of the Select Committee on Financial Technology and Regulatory Technology be amended as follows:

  1. The committee be called the Select Committee on Australia as a Technology and Financial Centre.
  2. The following additional matters be referred to the committee:
    1. the size and scope of the opportunity for Australian consumers and business from Australia growing into a stronger technology and finance centre;
    2. the flow-on employment and economic benefits which accrue to finance and technology centres;
    3. barriers to the uptake of new technologies in the financial sector;
    4. new opportunities for Australia as a technology and finance centre arising from the COVID-19 pandemic;
    5. benchmarking of comparable global regimes with Australia;
    6. the impact of corporate law restraining new investment in Australia;
    7. the policy environment facing neo-banks;
    8. opportunities and risks in the digital asset and cryptocurrency sector; and
    9. any related matters.
  3. That the committee present its final report on or before 30 October 2021.

Committee Secretariat contact:

Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: 02 6277 3535
Fax: 02 6277 5818
fintech.sen@aph.gov.au