The latest national budget delivered by the Treasurer, the Hon.
Scott Morrison, yesterday brings good news for players in the
FinTech and start-up community.
The Government has shown its commitment to reducing regulatory
barriers facing new FinTechs and a desire to increase competition
with a view to providing more choices and better services for
consumers.
FinTech innovation is often restrained by the costs, both in
time and money, to comply with regulatory regimes surrounding the
particular industry. If the proposed initiatives are implemented,
FinTechs will have a greater opportunity to develop and market
their product, obtain funding and gain access to important data. An
environment which fosters innovation will increase competition,
ultimately providing more choice and higher quality services for
consumers.
