Eliminating the ‘regulatory red tape’ could see Australia become the fintech hub of Asia, says Tyro.

The chief executive of Australian EFTPOS-provider Tyro, Jost Stollman, raid that the regulation changes for fintech start-ups announced in the 2016 Federal Budget will help the development of Australia’s brightest bankers to leave the comfort of their jobs to pursue careers in alternative finance.

“FinTech investment around the world reached an estimated $30 billion, a jump of about seven-fold in only three years,” he said.

“The Australian Government’s package of measures will help unleash a new generation of entrepreneurs and investors who want to make everything we do quicker, easier and more productive.”

Will the Budget was seen across the fintech sector as positive, Stollman argues that the country still needs to become ‘fintech friendly’, but could have the potential to run its big four banks into ground, effectively making them obsolete by the next generation.

“Fintech is going to revolutionise how consumers and businesses interact in the future… we need to create a digital ecosystem for new ideas to grow and prosper,” he said.

“It is possible that within 20 years one of the current big four banks will no longer be with us. The only question is, which one will it be?”