A fintech advocacy group has reached out to the federal government concerning the loopholes it has recognized inside present COVID-19 stimulus measures and its perception the sector wants additional help to be internationally aggressive.
FinTech Australia centered on COVID-19’s influence on the sector in its second submission to the Senate Inquiry on fintech and regtech.
“This submission details our view on how COVID-19 has impacted our industry and why, despite the extraordinary measures taken by the government already, more needs to be done,” mentioned Rebecca Schot-Guppy, GM of FinTech Australia.
Amongst different issues, the submission highlighted oversights throughout the standing COVID-19 stimulus measures, reminiscent of all lenders, together with fintech non-ADI lenders, being mechanically disqualified from making use of for JobKeeper funds.
The group has referred to as for a direct exception to be made for non-bank lenders.
The group additionally detailed quick and long term help from the federal government which might assist make sure the fintech sector can change into and stay internationally aggressive and may proceed to buoy employment because the nation recovers from COVID-19.
“While some components, like technical exemptions from the JobKeeper allowance for lenders, can be flagged for immediate change by the Treasurer, others will require discussion and a willingness to invest in our innovation industry as a creator of jobs,” mentioned Schot-Guppy.
“Australia gained’t be the primary to behave on such measures. We’re suggesting steps which have been taken within the UK and Singapore.
“We welcome a robust discussion with the government on how to ensure fintech and other innovation industries contribute to Australia’s economic recovery and also create jobs for more Australians.”
The Senate introduced the institution of the committee to inquire and report on the fintech and regtech sectors inside Australia in October of this yr.
The group examines the scope of alternative offered by fintech for each shoppers and companies, limitations to the uptake of recent applied sciences within the monetary sector, and the effectiveness of present initiatives in selling a constructive atmosphere for start-ups – amongst different concerns.