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The Senate fintech committee has tabled its second report for its inquiry into the sector, listing 23 recommendations to boost technology providers in Australia.

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The Australian Trade and Investment Commission has promised to support offshore expansion and foreign investment for the fintech sector, in a new agreement it has signed with the peak industry body.

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The Senate has voted to expand the scope of the fintech select committee, changing its remit to boosting Australia’s position as a global financial and technology hub.

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Only a third of businesses in the APAC region have actively adopted fintech solutions, according to a survey by fintech unicorn Airwallex and accounting body CPA Australia.

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A committee assembled by senator Andrew Bragg has urged the government to slash convoluted tax and regulatory obligations in the financial services sector, having issued a list of ways for Australia to usurp Hong Kong’s title as an APAC industry hub.

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