Airwallex has called for a detailed timeline on the federal government’s payment system modernisation agenda to prevent more delays and ensure the fintech regulation does not slip further behind global leaders.
The existing financial services licensing framework applies to some payment service providers and was introduced in 2001. Work on the current set of reforms was initiated under the former Coalition government in June 2021 when the ‘Payments System Review’ was released.
A consultation paper on ‘Payments System Modernisation (Licensing: Defining Payment Functions)’, which closed to submissions last month, was released to support the development of a new payments licensing framework.
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