The Australian Government is turning a new leaf, aiming to make the country technologically able and adaptable. To do this, innovative technology must work in tandem with public policy. This occurs through greater private and public sector collaboration.
It was recently announced that the Australian Financial Systems Inquiry (FSI) report will deliver on the proposal for a fintech committee and a framework for nationally federated digital identities.
The Australian Government is to deliver this framework for digital identities due to the demand for paperless authentication. The FSI highlighted the key benefits of such a mechanism. A nationally federated digital identity would improve efficiency, increase security measures, minimise costs, and ease the authentication process. These benefits were accepted by government as legitimate cause to create the framework.
The Australian Digital Transformation Office has been tasked with creating the framework for a nationally federated digital identity. We recently reported that the office is working on a Digital Transformation Programme to boost innovation and government service virtualisation.
All public and private sectors are prone to adapting to modernisation. Financial institutions could especially deliver greater services with the integration of advanced ICT.
The delivery of a Fintech Committee is said to help spur innovation collaboration between public and private sector bodies. In aligning with the public sector, private bodies can make sure that regulations and policy adjust to digital transformation measures.
This Fintech Committee will give emerging companies opportunities to engage with government. It would also be tasked with making sure government is responding appropriately to innovation in the financial sector.
The Fintech Committee proposal is to take shape by the middle of 2016. It will be linked to the ASIC digital finance advisory committee so as to not replicate work.
