Zip Co Limited (ASX: Z1P) welcomes the release today of the interim report of the Senate Select Committee on Financial Technology and Regulatory Technology.

Zip made several submissions to the committee and also testified before Senators.

Peter Gray, Zip’s Co-founder and Chief Operating Officer, said:

“The committee is absolutely spot-on in its recognition that innovation is too important to be smothered with a one-size-fits-all approach to regulation.

“On this point, Zip is pleased to see the committee acknowledge the importance of self regulation and the need to create a culture of innovation in Australia.

“Zip also notes the committee’s reference to the robust performance of the Buy Now Pay Later sector during COVID, which the committee says saw less than 1 per cent of customers approved for hardship relief, which is significantly better than other traditional sectors and business models.”

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