Senator Bragg has unveiled exciting news that the Senate recently approved an expansion of the scope and length of the FinTech Select Committee on RegTech and FinTech to capitalise on the technology opportunities available to Australia.
Coming with a rebrand to the 'Select Committee on Australia as a Technology and Financial Centre' the expansion gives the Committee until October 2021 to prepare its report. Senator Bragg's announcement singles out opportunities in:
Cryptocurrency and digital assets;
Neobanking, and
Instances of corporate law holding back investment.
Senator Bragg said:
I fully expect the Committee to focus on removing more barriers to Australian growth as a technology and finance centre.
and:
This is a golden opportunity to bolster Australia’s economic growth and I want to ensure we take full advantage of it.
After already publishing two issues papers, receiving 217 submissions and holding 13 days of public hearings it is clear that the Senate Committee's focus has harnessed the key issues raised in the hearings, that Australia needs work to improve it's position "as a global financial and technology hub" and to stop businesses leaving Australia and taking their innovation and jobs with them.
The Senate Committee will deliver a further report in April about the existing mandate on RegTech and FinTech which may reveal further factors influencing the decision to expand the scope of the Committee.
We welcome the increased scope and specific identification of the the challenges facing Australia in becoming a hub for digital assets and blockchain and look forward to the Committee's work and report.