The Senate select committee into fintech and regtech has made the call after it finished its last round of public hearings in February, stating it is “keenly aware” that the rapid and unexpected changes to Australia’s economic and financial environment will significantly impact the sector.
Senator Andrew Bragg, chair of the committee commented “fresh input” was needed to create viable and practical recommendations to assist the sector.
“I am sure you will all understand the unknown effects the COVID-19 pandemic threaten to wreak on the fintech and regtech sectors,” Mr Bragg said.
“As a consequence it has disrupted the workings of the Senate select committee inquiry. We will continue the inquiry, but have decided to reopen submissions to allow for the extraordinary conditions which now confront us.”
The committee has said it wants to hear what support is necessary in the short, medium and long term, including post-recovery, with a focus on solutions that can be delivered swiftly by the government and private sector.
“We want to hear any ideas the market has because we’re very sensitive about the facts of the matter, that it’s very hard for fintechs to get capital, it’s very hard to keep customers and it’s very hard to win new business,” Mr Bragg said.
“So please send us your ideas.”
Submissions will be open until 10 April.
Senator Jane Hume, assistant minister for superannuation, financial services and financial technology addressed fintechs online a couple of weeks ago, promising to put together a package of supportive measures for businesses in the sector, on top of other relief for SMEs.
“I realise that the coronavirus pandemic is causing your businesses a lot of grief,” Ms Hume said.
“This is probably as hard as it’s going to get without the usual flow of capital and revenue to your businesses.
“But our doors are open, our ears are open. If you have anything you’d like to say, if you have something you’d like to suggest, please feel free to contact my office at any time.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.