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.
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