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Australian FinTech summit to begin

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Australian FinTech summit to begin

AusPayNet
Photo: AusPayNet

The Australian Payments Network Summit will commence today, deliberating the future of financial technology in Australia.

The summit will explore digitization of the Australian banking and finance sector. Specific attention will be paid to the growing prevalence of digital wallets used by Australian consumers, which increased dramatically in Australia since the pandemic began last year. Data from the Commonwealth Bank of Australia indicates that the number of monthly digital wallet transactions grew by 90% (from $36m to $68m), with the monthly value more than doubling (from $1bn to $2.1bn) since March 2020.

Their growth has led Treasurer Josh Frydenburg to announce comprehensive reforms to digital finance regulations on digital wallets and cryptocurrency. The reform seeks to centralize oversight over the digital payment systems and strengthen consumer protection.

While the summit is expected to embrace the future of digital wallets within Australia’s payment system, it is likely that concerns will be raised over the market share and control held by foreign tech companies operating in Australia—especially Apple Pay, Google Pay and WeChat Pay—who remain distant from local regulations or supervision.  Expect the Australian government to create a domestic digital payment system in the long-term with stricter regulations to control foreign investment.

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