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:
- the size and scope of the opportunity for Australian consumers and business arising from financial technology (FinTech) and regulatory technology (RegTech);
- barriers to the uptake of new technologies in the financial sector;
- the progress of FinTech facilitation reform and the benchmarking of comparable global regimes;
- current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs;
- the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups; and
- any related matters.
The committee is to present its final report on or before the first sitting day in October 2020.
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.
The deadline for submissions to the inquiry is 31 December 2019.