Government sets up FinTech advisory group

The government has established an expert advisory group aimed at making Australia the leading financial technology market in the APAC region.

The new FinTech advisory group will be chaired by Craig Dunn, chairman of Stone & Chalk and director of Westpac bank.

It also consists of representatives from the FinTech sector including PayPal Australia MD Libby Roy, Tyro Payments CEO Jost Stollman, Society One CEO Matt Symons and Veda CEO Nerida Caesar.

A separate Innovation Collaboration Committee is being established under the government's Financial System Program.

Announcing the establishment of the board, Prime Minister Malcolm Turnbull and Treasurer Scott Morrison said Australia's position as a leading financial services market in the APAC region is under pressure due to the technology-enabled disruption being achieved by FinTech companies.

These include the growing popularity of approaches like crowdfunding, peer-to-peer lending, mobile payments and digital currencies.

Financial services is the largest sector of the Australian economy, employing around 450,000 people and contributing over $140 billion to the economy last financial year.

The establishment of the expert panel complements the government's $1.1 billion National Innovation and Science Agenda, announced in December.

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