FinTech Australia, representing over 400 fintech companies, has submitted recommendations for the 2024-25 Budget to support the rapidly growing fintech sector, emphasizing the need for continued fintech trade and investment support, targeted support for the Consumer Data Right (CDR) initiatives, adequate resourcing for ASIC to handle licensing influx, expansion of National Reconstruction Fund initiatives to include fintech businesses, addressing the challenging funding environment for early-stage fintechs, and a review of the Enhanced Regulatory Sandbox to increase its effectiveness.
The submission highlights the fintech sector's significant growth, from a $250 million industry in 2015 to a multi-billion-dollar industry employing over 36,000 Australians, and its potential to drive further growth and productivity in Australia's digital economy. FinTech Australia calls for government action to renew funding for trade and investment programs, incentivize early-stage businesses to adopt CDR, ensure ASIC can efficiently process new licensing requirements, clarify fintech's role in the National Reconstruction Fund, recalibrate investment incentives, and improve the regulatory sandbox for better fintech innovation support.