It was recently announced by Prime Minister Turnbull and Treasurer Scott Morrison that an expert advisory group will be established to support Australia in its mission towards becoming a leader of financial technology (Fintech) within the region.
As part of the National Innovation and Science Agenda, PM Turnbull put forth $1.1 billion AUD towards driving innovation and entrepreneurship. The agenda is working to fintech start-ups by making data more accessible and providing tax incentives for angel investors.
Around 450,000 people are employed within the financial services sector, which contributed more than $140 billion to the Australian economy last financial year.
The expert advisory group will be comprised of leaders from the financial and technology sectors. They will be looking to position Australia at the head of the regional market for financial services.
To do so, they will look to approaches which improve financial service delivery and personalised outcomes for consumers, such as peer-to-peer lending, mobile payments, crowdfunding, digital currencies, and robo-advisers.
The Fintech expert advisory group is complementary to the Innovation Collaboration Committee, introduced through the Financial System Program.
While Australia is a leader in financial services for the Asia Pacific region, as of late, the industry has been disrupted due to globalisation and the introduction of new technologies.
This is changing the way that people access and manage their finances as we are making our way towards a cashless society.