Fintech industry budget win

2018-budget/fintech/

image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS