An information paper by the Productivity Commission has highlighted how there is scope for Australia to adopt regulatory technology (regtech) beyond the financial sector, with the belief it can improve regulatory outcomes and reduce the costs of administration and compliance.
In its regulatory technology information paper [PDF], the Productivity Commission noted how Australia is “well-placed” to develop regtech solutions given its “relatively stable and sophisticated” regulatory systems, but currently, extensive use of regtech remains relatively low.
“Low awareness can dampen both demand and supply responses — business need to see value in changing their software so that developers see value in investing in applications, which in turn deliver the value businesses need to see,” the paper stated.
It went on to suggest that Australia could extend its existing use of “low-tech” solutions, including digitised data, forms, registers, and transactions to streamline business and individual transactions with government, as well as reduce compliance costs, improve the efficiency of regulatory practices, and generate flow-on benefits to the community.
Some of the specific areas that the Productivity Commission believes regtech solutions could benefit from include where regulatory environments are particularly complex to navigate and monitor, explaining that there is scope to improve risk-based regulatory approaches; technology could enable better monitoring; and technology could safely unlock more uses of data for regulatory compliance.
While regtech could improve regulatory outcome, it should not be used as a substitute for regulatory reform, the Productivity Commission warned.
The paper also examined the costs, risks, and hurdles associated with the wider adoption of regtech. It pointed out that while regtech has the potential to deliver benefits, the wide-spread implementation of it could take some years, particularly when it comes to the adoption of “advanced” regtech, which requires specialised resources and longer development times.
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BENGALURU (Reuters) – Alphabet Inc’s Google has extended its deadline for Indian app developers to comply with a new billing system by six months to March 31, 2022, the U.S. tech giant said in a blog post on Monday.
Google also said https://india.googleblog.com/2020/10/google-plays-billing-system-update.html it was setting up “listening sessions” with leading startups to understand their concerns and establishing “policy workshops” to clear any additional questions after it said it will more strictly enforce a global policy and charge a 30% commission fee for in-app purchases, irking some developers.
In recent days, many startups in India have banded together to consider ways to challenge Google, including by lodging complaints with the government and courts. They are upset about the 30% commission fee and say several other Google Play Store policies hurt their businesses.
Google said the policy is not new and more than 97% of developers with apps on its app store already comply with the policy.
“To be clear, the policy only applies if a developer charges users to download their app or they sell in-app digital items,” it said.
Globally, app developers have said 30% is excessive compared with the 2% fees of typical credit card payments processors. Google and rival Apple, which charges a similar fee, have said the amount covers the security and marketing benefits their app stores provide.
(Reporting by Nivedita Bhattacharjee and Chandini Monnappa in Bengaluru; Editing by Rashmi Aich and Christopher Cushing)