Inquiry launched into fintech industry

A stocktake of Australia's fintech industry has been launched to improve the nation's competitiveness.

Liberal senator Andrew Bragg has secured parliamentary support to set up a Senate select committee inquiry into financial and regulatory technologies.

"Australian consumers and businesses will reap the benefits of technology but only if our policies are properly calibrated," the NSW senator said.

The financial sector represents 11 per cent of Australia's GDP.

"The focus of our work will be national competitiveness. We will complete a stocktake on the progress to date and a blueprint for Australian fintech and regtech," Senator Bragg said.

The inquiry will look at the barriers to the uptake of new technologies, examine the industry overseas and consider ways it could reduce business compliance costs while ensuring Australia's laws and regulations are met.

Fintech in Australia covers a range of services including automated financial advice, insurance risk management, lending marketplaces, international and domestic payments and cyber security.