ACS, the professional association for Australia’s technology sector, has welcomed the 32 recommendations released yesterday by the Senate Select Committee on Financial Technology and Regulatory Technology.

The recommendations to make permanent measures brought in during the peak of the COVID-19 crisis, such as telehealth and digitised company annual general meetings as an important step in modernising Australia’s regulatory environment, ACS believes.

As the economy recovers from the COVID-19 crisis, recommendations to encourage regulators to support a pro-innovation and pro-competition culture in fintech services would boost the nation’s ICT sector, creating high-tech jobs and driving returns for Australian businesses and investors.

ACS President, Dr Ian Oppermann, said, “the COVID-19 pandemic illustrated how digital technologies have become essential to delivering traditional goods and services.

“By embracing a regulatory framework putting digital services first, the Federal government can ensure Australian business and society can reap the benefits of 21st Century technologies.

“Financial services is a sector where Australia has long standing expertise and fintech is a field where the local ICT community can show its global competitiveness.”

In its submission to the committee last January, ACS said overcoming tax, skills and R&D barriers could see the fintech sector deliver benefits worth $16bn to the Australian economy.

“We congratulate the committee on its valuable work and contributions,” concluded Dr Oppermann. “Should the government adopt these measures, we would see a boost to Australia’s prosperity along with enhanced global opportunities for local businesses, investors and workers.

“As part of Australia’s recovery from the COVID-19 pandemic, economic opportunities such as these should not be overlooked.”

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