Australia tries to build fintech status in Asia.
The Government is hoping to establish Australia as a fintech hub in the region by tapping into the expertise of bank-backed accelerators and others innovating in the payments space.
Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have created an expert advisory group that will be chaired by Stone & Chalk chairman Craig Dunn.
Stone & Chalk is already one of Australia’s leading fintech hubs, supported by a range of financial institutions, technology companies and consultancies.
The advisory group also includes executives from CBA and Westpac, the Westpac-funded Reinventure accelerator, and payments companies like Paypal, Coinjar, Tyro Paymens, among others.
“Although Australia is a leading financial services market in the region, the sector is becoming increasingly globalised and exposed to technological disruption,” Turnbull said.
“Many traditional financial products are being disrupted by the fintech sector, which is well positioned to become a leading player in the Asia-Pacific.”
The Government said that financial services is already Australia’s largest economic sector, employing 450,000 people and “contributing over $140 billion to the economy last financial year”.
However, it saw the potential for growth if it could build its credentials in the fintech space in the Asia Pacific region.
“Fintech is at the cutting edge of innovation and will help to deliver more efficient financial markets and more customer focussed outcomes for consumers,” Turnbull said.
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