{"id":32011,"date":"2023-10-20T14:26:41","date_gmt":"2023-10-20T14:26:41","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/top-dog-or-badly-licked-policy-paper-points-to-australias-fintech-future-startupsmart\/"},"modified":"2023-10-20T14:26:41","modified_gmt":"2023-10-20T14:26:41","slug":"top-dog-or-badly-licked-policy-paper-points-to-australias-fintech-future-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/top-dog-or-badly-licked-policy-paper-points-to-australias-fintech-future-startupsmart\/","title":{"rendered":"Top dog or badly licked, policy paper points to Australia\u2019s fintech future – StartupSmart"},"content":{"rendered":"
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A coalition of 30 leading players in the Australian fintech scene has put together a policy paper outlining how to make Australia the \u201ctop dog\u201d in Asia by 2017.<\/p>\n

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The report, which aims to make Australia \u201clucky by design through fintech\u201d, has been signed off on by a broad group of 30 fintech startups and founders, and was led by some big players including MoneyPlace CEO Stuart Stoyan, Stone & Chalk CEO Alex Scandurra and Fintech Melbourne founder Andrew Lai.<\/p>\n

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The policy paper compares Australia\u2019s fintech landscape to the global leaders and outlines many key areas that need to be change in order for the community to grow and becoming the most important player in Asia.<\/p>\n

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Now is a crucial time for fintech in Australia, Scandurra says, and it\u2019s important that all stakeholders are working together.<\/p>\n

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\u201cDisruption comes in waves so timing is everything,\u201d he says.<\/p>\n

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\u201cThe age of fintech started four years ago and if we act with focus and conviction at a political level we stand a good chance of becoming the top dogs of fintech in Asia.\u201d<\/p>\n

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\u201cI\u2019m incredibly optimistic that in the space of a few short weeks about 30 leading fintech founders, leaders of meetup groups, innovation hubs and VCs have all rallied together form across Australia to unite around this higher purpose.<\/p>\n

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\u201cIt\u2019s an incredible moment that so clearly demonstrates the power of partnership and collaboration. We have provided to government a united voice.\u201d<\/p>\n

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MoneyPlace CEO Stuart Stoyan agrees, saying the groups have forgone previous rivalries to create this document.<\/p>\n

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\u201cCompetitive and geographical boundaries have been put aside as a group of over 30 members of the fintech community have come together in a relatively short time to agree to a set of priority policy recommendations for the industry,\u201d Stoyan says.<\/p>\n

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\u201cThe paper calls out the key policy initiatives that Australia needs to put in place to ensure Australian fintech is globally relevant.\u201d<\/p>\n

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It\u2019s recognition that now is a \u201cpivotal\u201d moment for the industry in Australia, Lai says.<\/p>\n

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\u201cIt\u2019s incredible to have the fintech companies, many of whom are competitors, truly collaborate and work together to \u2018grow the pie\u2019,\u201d he says.<\/p>\n

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\u201cWe, as an industry, can either become more competitive or face international competitors taking all the market share.\u201d<\/p>\n

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The policy recommendations<\/b><\/p>\n


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The policy recommendations zero in on some key areas of regulations and laws impacting the fintech scene: lending, wealth and insurance, equity crowdfunding, payments and data and digital currencies and the blockchain.<\/p>\n

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It points to how some of the leading players globally \u2013 the likes of London and New York \u2013 worked to foster the ecosystems, and where Australia is falling behind.<\/p>\n

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\u201cTo win in fintech in Asia, we must at a minimum come up to par, if not lead the way in some areas,\u201d the paper says.<\/p>\n

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\u201cAustralia lacks the agile regulatory environment necessary for startups to test and learn quickly and cheaply.\u201d<\/p>\n

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The paper recommends fintech investments to be granted tax advantages, for regulations surrounding equity crowdfunding to be loosened, and for more adaptive rules around digital currencies.<\/p>\n

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It says fintech in Australia is fast approaching a crossroads, and can go either way depending on how the government adapts.<\/p>\n

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\u201cIf we continue with our current policies and go down a similar path as has been the experience of the media industry with potentially half the $30 billion of [fintech] profits at risk of disruption being ceded to global players such as PayPal, Stripe and Facebook,\u201d it says.<\/p>\n

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\u201cOr we can adopt serious and meaningful policy changes that will enable local fintech players to effectively compete in, retain and grow the Australian financials services sector, and even scale to be globally competitive.<\/p>\n

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\u201cThis would facilitate a scenario where the revenues, jobs and taxes are not only protected, but grown.\u201d<\/p>\n

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Backing from the fintech community<\/b><\/p>\n

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These policies provide the right mix of measures to allow fintech to flourish, Sharesight CEO Doug Morris says.<\/p>\n

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\u201cI think the approach is sound because it combines top-down policy initiatives with bottom-up tactical recommendations that could potentially change the fintech landscape overnight,\u201d Morris says.<\/p>\n

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\u201cRequiring banks and brokers to open up access to customer investment data would be a game-changer.<\/p>\n

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\u201cThis would give Australian consumers real choice when it comes to shopping for the best adviser, accountant or fund manager.\u201d<\/p>\n

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Scandurra emphasises that Australia needs to act now to become the leading player in Asia.<\/p>\n

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\u201cOnce a city becomes the dominant technology cluster it makes it almost impossible to compete for the talent and capital they attract from around them,\u201d he says.<\/p>\n

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\u201cThe good news is that we have the best innovators, inventors and creatives in the Asian region, we have a very advanced retail banking sector, the world\u2019s fourth largest pool of super funds and a new political leadership that is showing all the signs that they \u2018get it\u2019.<\/p>\n

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\u201cIt\u2019s time for fintech to rise in Australia.\u201d<\/p>\n

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Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on <\/i>Facebook<\/i><\/a>, <\/i>Twitter<\/i><\/a>, and <\/i>LinkedIn<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

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