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.
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.
Media release: Call for further submissions to the inquiry
27 March 2020
Since the committee finished its last round of public hearings in February, Australia’s economic and financial environment has changed dramatically as a result of the unfolding COVID‑19 pandemic.
The committee is keenly aware that these rapid and unexpected changes will have a significant impact on the FinTech and RegTech sectors.
In light of current circumstances, the committee is not going to press ahead with its previous timetable. Instead, the committee has re-opened its inquiry submission process to enable submitters to provide further input to the committee on what the critical needs of the sector are at this time.
The committee would like to hear what support is necessary in the short, medium and long term, including post-recovery, focusing on solutions that can be delivered swiftly by government and the private sector
If you wish to provide further input to the committee, you can do so by 10 April 2020.
Please note that submissions do not need to be lengthy – short summaries or dot points are perfectly acceptable to communicate the key needs and proposed solutions. The committee is mindful of not adding any unnecessary workload to businesses in Australia at this time.
Submissions should be emailed to: email@example.com