Treasurer outlines fintech plans

The government yesterday published a paper titled Australia's Fintech Priorities, which lays out its plans to develop the sector.

The paper lists the government's fintech priorities as crowdfunding, access to comprehensive credit reporting data and the creation of a regulatory sandbox.

The government has also committed to technology neutrality in financial regulation, as well as guidance on robo-advice (with the release of guidance from ASIC yesterday).

"A 'regulatory sandbox' has the potential to encourage and support the design and delivery of new financial products and services that benefit consumers and businesses," said the paper.

MoneyPlace chief executive Stuart Stoyan said the regulatory sandbox will build on some great inroads already made by ASIC.

"It will go a long way to ensuring Australia has a friendly regulatory environment and bring us into line with international peers," Mr Stoyan said.

"MoneyPlace went through an 18-month regulatory approval process; this will fast-track fintechs into the market and help accelerate growth and innovation in the industry," he said.

Unveiling the paper at Sydney fintech hub Stone & Chalk yesterday, Treasurer Scott Morrison said fintech will be a "very important part of how our economy continues to transition in the future".

"The government’s fintech program both promotes Australia as a hothouse for financial services and showcases our innovative financial products and services to the world," Mr Morrison said.