Government Payments report recognises fintech's role in driving competition and innovation
June 29: FinTech Australia has welcomed the release of the House of Representatives Standing Committee on Economics' landmark report on payments, A Level Paying Field, particularly its recommendations to improve access to the New Payments Platform for smaller payment providers and fintechs, and to develop national approaches to support the growth of Australia's fintech sector.
FinTech Australia CEO, Rehan D'Almeida, said the report recognised that fintech is central to building a more competitive and innovative financial system.
"The best way to improve financial services is to make it easier for new entrants and small firms to compete,” D’Almeida said.
“Fintechs have consistently driven innovation across payments, lending, wealth, digital assets and banking, delivering better products and lower costs for Australians.
"Opening up access to the New Payments Platform for smaller payment providers is an important step towards a more competitive payments system. Access to critical infrastructure should enable innovation, not entrench the position of incumbent players.
"We're pleased the Committee has recognised that growing Australia's fintech sector is itself a public policy objective. A strong fintech sector means more competition, more innovation, lower costs and better outcomes for consumers and businesses.
"We look forward to working with the Government to turn these recommendations into practical reforms that strengthen Australia's position as a global fintech leader.
"As with any report of this breadth, we'll be considering some recommendations more closely than others, but the Committee has correctly identified that stronger competition and lower barriers to entry are essential if Australia wants a world-class payments system."
About FinTech Australia
FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector, representing over 400 fintech companies and startups across the nation. FinTech Australia’s vision is to make Australia the leading market for fintech innovation and investment by working with both sides of government, industry and the Australian fintech community to create a supportive environment and partner ecosystem in Australia and abroad.
