Fintech industry accuses both major parties of stifling innovation
Despite bipartisan promises, key digital economy initiatives have stalled — and fintechs risk becoming political footballs, an industry letter warns.
Australian fintechs, already feeling abandoned by both sides of politics and facing an increasingly uncertain global landscape, fear they are becoming political footballs, despite their promise to boost productivity across financial services.
Capital Brief has seen a copy of a letter to both major parties, coordinated by FinTech Australia and co-signed by more than 100 fintech companies, which argues that, despite assurances and commitments from both sides, progress on key initiatives has stalled.
“Not only have these policies faced delays, but they've encountered further hurdles in the form of inquiries into work already completed,” the letter reads. “These unnecessary delays have become existential threats for many fintech businesses.”
The regulatory and policy inertia comes as geopolitical uncertainty — including the chaos of the Trump administration — continues to cast a chilling effect over funding and investment. This comes just as the sector was beginning to recover from two years of “fintech winter”.
