FinTech and RegTech

In December 2020, we responded to the second Issues Paper published by the Senate Select Committee on Financial Technology and Regulatory Technology.

AusPayNet’s submission highlighted:

• the role of industry self-regulation in enabling competition and innovation, promoting efficiency and control whilst effectively managing risk;
• how the established framework for the payments system could provide a useful blueprint for leveraging the potential of the Consumer Data Right and the data economy; and
• that a single government-operated digital identity framework may not be the most effective approach to enabling innovation and choice. Drawing a parallel with the payments system, there are multiple competing and interoperable frameworks that support a wide range of products and services that provide end-users with meaningful choice. 

Our full submission is available below.

AusPayNet’s original submission to the Committee (December 2019) and Opening Statement to the Public Hearing (February 2020) by our CEO Andy White are available here.