On 11 December 2020, CPA Australia and CA ANZ, representing the major accounting bodies in Australia, provided feedback in a joint submission to Senate Select Committee on Financial Technology and Regulatory Technology on the Second Issues Paper on longer term issues impacting financial technology (FinTech) and regulatory technology (RegTech).
Key points from the joint submission include the development of FinTech and RegTech in Australia will be enhanced through policies and government activities that:
- improve the digital skills of the workforce• improve the regulatory regime for FinTech and RegTech businesses while maintaining appropriate consumer protections
- directly support FinTech and RegTech businesses.
The seven-page submission also included feedback on the competitiveness of Australia’s corporate tax settings, R&D agenda for growth, consumer data rights (CDR), data standards and blockchain, access to capital as well as skills and culture.