Fintech industry budget win
Australian fintech will get a boost from the 2018-19 Budget, with a number of measures announced to support the enhancement and promotion of the industry.
The Government intended to allocate 44.6 million over four years to establish the new “consumer data rights” framework, with the banking sector to be the first Australian industry sector to be subject to the framework.
The Digital Transformation Agency would receive $700,000 within the next year to investigate where blockchain technology could offer the most value for government services.
Artificial intelligence and machine learning will also get a boost, with the Government allocating $29.9 million over four years to strengthening Australia’s capability in the field, and $100,000 would be used to promote Australia’s fintech sector to the world.
The Government would also impose a $10,000 limit on cash payments to businesses from 1 July 2019 in a bid to clamp down on the “black economy,” with the result being a drive in fintech innovation through the increased use of electronic payments technology.
The Budget did not reveal the Government’s policy platform for open banking.
AUTHOR
Anastasia Santoreneos
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
