The Australian senate is creating a select committee to examine issues like open banking as well as policy settings for the FinTech and RegTech sectors.
Moreover, it will look into global developments and barriers to uptake, how banks deploy technology to ensure compliance and the New Payments Platform, an industry wide Australian platform ensuring fast digital payments that was rolled out in 2013.
Liberal senator Andrew Bragg motioned to establish the committee. It will also involve major banks, startup and maybe even global technology players. The committee will run for a year.
It could also look to Singapore for inspiration about how to boost its bureaucracy. As a side note, Singapore recently moved to tighten up its rules regarding cybersecurity for the financial sector.
The news comes as the country has been facing a massive shakeup in the aftermath of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed in its final report in February 2019. The commission uncovered major cultural and legal concerns about how the financial services sector has been run.
The new committee will look into how the recommendations of Royal Commission are implemented with the help of RegTech, according to the Financial Review.
The financial sector Down Under has also been opening up lately for new innovations, with the result of a massive spike in new challenger banks moving to take a slice of the market.
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