Taking part in a Financial System Inquiry panel at the Finsia annual conference in Sydney on Friday, Mr Richtor said Australian firms cannot assume they will be able to export their financial services expertise to Asia.
“We need to understand that out there, particularly in Asia, there are a lot of very innovative, very smart companies moving extremely quickly,” Mr Richtor said.
It is important for Australian companies to understand the developments in overseas markets, rather than assuming “we know best”.
“There are a lot of very innovative companies moving very quickly who have the great benefit of operating in very large markets that can build their market share quickly,” he said.
“We also need to look at how we can use that innovation also to stimulate this industry here in this country,” Mr Richtor said.
