The Australian federal government has granted A$60 million to fund a new program called Digital Finance Co-operative Research Centre (DFCRC), which will focus on the digital finance sector and the latest financial technologies.
The project, which expects to partner with industry leaders worldwide, has garnered the attention of local industry partners who injected an additional $121 million – totalling A$181 million.
These partners include the Reserve Bank of Australia, National Australia Bank, Macquarie Bank, Origin Energy, the National Stock Exchange of Australia, and Digital Asset (partly owned by the ASX).
Whether it’s through the creation of dynamic registers enabling the instant exchange of assets and commodities, or the use of artificial intelligence technologies to improve regulation and compliance, the benefits could amount to billions of dollars in both efficiencies and new business opportunities each year.
Christian Porter, Minister for Industry, Science and Technology
Seven universities – Macquarie, UTS, RMIT, LaTrobe, Wollongong, UWA and Curtin – are participating in the project to undertake the necessary long-term research to help make Australia a global leader in digital finance.
Universities will explore the decentralised finance space and potential use of blockchain technology, as well as investigating a suitable regulatory framework to facilitate digital assets trading. On the other hand, industry partners will focus on:
- the mining sector and the tokenisation of commodities and precious metals
- the property industry
- banks and the development of CBDCs (Central Bank Digital Currencies)
Supporting Australia’s Digital Finance Development
The Australian government has been a strong supporter of the development of studies and research in fintech and finance technology. In 1991 it founded the Co-operative Research Centre (CRC), providing it with over A$5.2 billion in grants. The consortium works with professionals in fintech, industry, research and regulatory fields.
Minister for Industry, Science and Technology Christian Porter says the funding will ensure the research program has all the necessary tools to become a leader in the fintech field, providing education and training to equip the required high-skilled workforce.
On March 14, the government allocated A$6.9 million to two blockchain pilot programs as part of the Australia Blockchain Roadmap, a 52-page document that outlines how to progress to a blockchain-powered future for the country and turn it into a global fintech hub.
Another government program, the Blockchain Pilot Grants, has invested in two projects to help overcome regulatory hurdles: Queensland-based tech company Everledger, which received A$3 million, and Convergence.Tech, over A$2.6 million.
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