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Publish Date : 23-Mar-2016

The Government of Australia will be planning how FinTech can be used in procurement by the public sector.

The Commonwealth will be looking to innovative FinTech solutions to foster diversity, choice and responsiveness in government services, according to the Treasury.

During last financial year, Australia had over 69,000 procurement contracts worth around A$60 billion. FinTech, such as online payments and digital currencies, can ensure that these transactions are better secured, and provides faster services for customers.

Using of such type of technology in government procurement can help to encourage innovation, entrepreneurship and more efficiency investment, with better use of taxpayers money.

Additionally, it will improve customers and suppliers experience of government transactions. It would even ensure that users can be confident that public authorities are using the most secure and efficient systems available.

Still, certain government buying systems in Australia rely on manual processes, which results in inefficiencies, inconsistencies, and occasional errors or transactional back-log.

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