How Australia can improve its global fintech position
CPA Australia’s February 2020 submission to the Select Committee on Financial Technology and Regulatory Technology contained 17 recommendations that are targeted at an efficient fintech and regtech strategy for Australia.
The recommendations were partly based on research commissioned by CPA Australia, conducted by Scientia Professor Ross Buckley and Dr Anton Didenko from the Faculty of Law at the University of New South Wales (UNSW).
According to the research, the lesson to be learned from leading fintech jurisdictions is that “an efficient fintech development strategy cannot be reduced to a single tool or process; it is a comprehensive package ensuring cross-fertilisation of its parts”.
The most encouraging and crucial research findings are that Australia can substantially improve its fintech positioning in the world, according to Jonathan Ng, policy adviser at CPA Australia.
“Lessons could be learned from other fintech-leading jurisdictions such as Hong Kong, Singapore, the UK, Switzerland and the European Union,” Ng says.
“It’s also important to implement policies that target different areas that could help develop fintech. These include increasing access to capital, improving immigration and talent policies, introducing flexible and adaptable regulatory frameworks, enhancing international fintech/regtech collaboration, and maintaining a flexible tax framework.”
The UNSW study points out that “for jurisdictions that are serious about developing their fintech and regtech sectors, it is nai¨ve to set up a single initiative, such as a regulatory sandbox, expecting tangible long- term benefits to stem from it alone”.
Dr Jana Schmitz, policy research analyst at CPA Australia, emphasises the importance of a holistic and proactive approach towards promoting fintech and regtech, and involving all relevant stakeholders, including government offices and regulatory authorities.
“Individual measures – for example, regulatory sandboxes – have very limited potential without complementary tools, such as regulatory consultations, financial support and facilitating regulation,” she says.
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Source: How Australia can improve its global fintech position | INTHEBLACK
