On 11 September 2019, the Senate resolved to establish a Select Committee on Financial Technology and Regulatory Technology. The committee will inquire and report on the following matters: a.the size and scope of the opportunity for Australian consumers and business arising from financial technology (FinTech) and regulatory technology (RegTech); b.barriers to the uptake of new technologies in the financial sector; c.the progress of FinTech facilitation reform and the benchmarking of comparable global regimes; d.current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs; e.the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups; and f.any related matters. The committee is to present its final report on or before the first sitting day in October 2020.

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