Treasurer Scott Morrison has released a formal statement outlining the Government’s vision to reshape Australia’s financial sector as a fintech hub.
Fresh from overseeing the creation of an expert advisory group that is aimed at boosting Australia’s fintech credentials in Asia, Morrison took the opportunity to explain how the Government planned to encourage the development of fintech back home.
“Fintech is not just about digitising money, it’s about monetising data,” the fintech statement reads.
“It’s about how we can create and capture the value‑add from data, previously limited by the technology we had available.
“It is the second‑round value surge that is now starting to flow from an increasingly digitised economy.”
The Government sees fintech as an opportunity to grow the financial industry’s share of the export market.
“While Australia’s financial sector represents a large proportion of our economy, it makes up only a small proportion of our trade,” the Government said.
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