‘An impediment to innovation’: Fintechs urge banks to cooperate on tokenisation
WIth $24 billion in economic gains up for grabs, it is less a question of whether banks will embrace tokenisation but whether they will try to keep fintechs out.
Australian fintechs are urging banks to deepen their commitments to collaborative innovation, rather than working exclusively among themselves, to help deliver an estimated $24 billion in annual efficiency gains to consumers as fast as possible.
The program of work outlined following the completion of the tokenised asset program Project Acacia is focused on creating the conditions for cross-sector collaboration and innovation, but Imperium Markets CEO Stu Burns told Capital Brief the big banks need to issue a mea culpa.
“I take the C-suite roundtable that the RBA are saying they’re going to run … I think that’s aimed at the executive level of banks, so they understand, that they have an impediment to innovation, and that they continue to be, and that they need to get involved, and they need to engage and that will be collaboration.”
A spokesperson for the RBA, who co-led the program, told Capital Brief “it thanks all Project Acacia participants for their significant contributions and engagement throughout the project”.
