'We don't want to regulate': RBA's Bullock urges industry consensus on payments reform
The Reserve Bank governor has provided a rare insight into the central bank's philosophy on regulating Australia's rapidly evolving payments industry.
Reserve Bank governor Michele Bullock has provided a rare insight into the central bank's philosophy on regulating Australia's rapidly evolving payments industry and how it views innovation in the broader fintech sector.
Speaking at the Women in Payments Conference in Sydney on Thursday evening, filled with fintech, payments and financial services professionals, Bullock said the central bank prefers a light touch approach to regulation.
“We do have a very innovative payment space in Australia and we want to keep it that way but we also want to make sure that it’s competitive and that it’s a level playing field," she said. "We don’t want to regulate, we'd rather just develop a consensus and move the industry forward together, that's our preferred modus operandi," she said.
She noted that one of the outcomes from the Payments System Board meeting on Thursday was that the progress achieved so far would not be possible without high levels of industry engagement.
