An expert advisory group will help to make Australia the leading market for FinTech in Asia Pacific, according to Australian Prime Minister Malcolm Turnbull.
With Singapore and Hong Kong making strong claims to be the leading FinTech Hub for the region, Australia yesterday stepped up its ambition to also become a leading contender.
In a statement yesterday the Australian Prime Minister Malcolm Turnbull gave strong backing to the Financial Technology industry and is setting up several initiatives to stimulate more innovation.
Financial Products Disrupted
Turnbull went on to say that although Australia is a leading financial services market, the sector is becoming increasingly globalised and exposed to technological disruption. Many traditional financial products are being disrupted by the FinTech sector, which is well positioned to become a leading player in the Asia-Pacific.
«FinTech is at the cutting edge of innovation and will help to deliver more efficient financial markets and more customer focussed outcomes for consumers. New approaches like crowdfunding, peer-to-peer lending, mobile payments, digital currencies, and robo-advisers benefit consumers by increasing choice and stimulating more competition,» Turbull said.
Employing Around 450,000 People
Financial services is the largest sector of the Australian economy, employing around 450,000 people and contributing over A$140 billion to the economy last financial year.
The Turnbull Government has shown a commitment to innovation and entrepreneurship through the A$1.1 billion National Innovation and Science Agenda, which is already improving data accessibility and use and will make it easier for startups to access early stage capital through a new tax incentive for angel investors.
The FinTech advisory group will be chaired by Craig Dunn, Chairman of Stone & Chalk and Director of Westpac Bank.
