The report from KPMG and the Committee for Sydney on the city's future as a global financial services and technology hub put Tyro Payments CEO Jost Stollmann on the front foot."An efficient and frictionless payment system - an essential prerequisite for a safe, healthy and growing economy - requires the regulator and the prudential supervisor to eliminate the credit risk between the participants," Stollmann declared yesterday in a blog post."The regulatory approach to new business models should reflect the degree of risk exposure for the banking system and the consumer. "Such a graduated approach would establish light, but early, oversight of emerging and fast growing new systems like stored-value, loyalty or cryptographic currency payment solutions."Stollman reflected on Tyro's entry into the market in 2003 after the Reserve Bank invited new entrants, saying the fact Tyro was the only one that responded was "a testimony to how little attractive and welcoming the Australian financial industry was, and is, perceived by potential new participants." "Yes, the banking industry should be ripe for disruption. Yes, Sydney has the potential to compete in fintech on a global scale," he said. "It is a fabulous location with a wealth of talented people, could-be entrepreneurs and resourceful institutions. "With a much more supportive ecosystem there could be many more Tyros inventing the future and making Sydney one of the leading hubs of innovation and growth."