This September, Australia’s Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech) released an interim report containing a series of recommendations, a year after the Committee was created. Apart from blockchain, it explores how FinTech and RegTech can provide opportunities for Australian consumers and businesses. Additionally, it investigates the financial sector’s barriers to using new technology and current initiatives’ effectiveness.
Committee Chair Senator Andrew Bragg recognizes the importance of this report due to the pandemic, which means Australia faces its first recession in 30 years. The report itself acknowledges how new technology could greatly help during the pandemic crisis and Australia’s recovery period. It examines areas such as virtual signature and witnesses to legal documents regulations. Plus, it explores a digital identity framework across government agencies, telehealth and digital prescriptions.
The Committee was introduced to blockchain’s potential, which has been estimated to reach AUD 3 trillion($2.18 trillion) by 2030. Michael Bacina, a partner of Sydney-based FinTech firm Piper Alderman, told the Committee he believes most FinTech and RegTech projects will be predominantly built on either blockchain or distributed ledger technology (DLT) within the next ten years. Other businesses and academics concurred, urging the government to use blockchain and DLT in property investment, mortgage transactions, and government property data.
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