26 February 2016
Media Release - #2016020, 2016

Turnbull Government backing Australian FinTech in Asia

The Turnbull Government is delivering support to further back Australia's financial services technology – FinTech – in the burgeoning Asian market, Treasurer the Hon. Scott Morrison announced in Shanghai today.

"FinTech will have an important role to play in Australia's innovation future, that's why the Turnbull Government is backing it in with real support in the world's fastest growing economic region," Mr Morrison said.

"Consumers in Asia have been amongst the fastest to adopt innovative financial services and with investment quadrupling to nearly US $4 billion in 2015, FinTech is booming in the Asia-Pacific region.

"FinTech is a pivot point of our alignment with the transitioning economies and our regional trading partners, especially China.

"The Turnbull Government will provide $150,000 for the Stone & Chalk FinTech Asia program.

"Stone & Chalk is an Australian financial technology 'hub' established in 2015, with support from the NSW Government," Mr Morrison said.

Stone & Chalk's 'FinTech Asia' program seeks to attract and develop the best FinTech start-ups and their founders and attract high quality corporate partners, venture capitalists and investors.

The 'FinTech Asia' program aims to:

  • promote Australia as a global entrepreneurial hub and leader in FinTech in the Asia Pacific region;
  • develop engagement and interest within the Asian FinTech market, and foster collaboration and knowledge sharing; and
  • accelerate the acquisition of international talent and ideas into Australia.

"Today's announcement follows the inaugural meeting this week of the Turnbull Government's expert-led FinTech advisory group chaired by Craig Dunn, Chairman of Stone & Chalk and Director of Westpac Bank," Mr Morrison said.

"There is unlimited opportunity for high value Australian services, particularly, banking and finance, to the tech savvy and growing middle class in Asia. That's why backing innovation in financial services is a priority for the Government."

As part of the Government's efforts to promote innovative Australian financial services and products to the region, Mr Morrison visited the Commonwealth Bank's Innovation Lab and met with financial services innovators in Hong Kong on Thursday, and held a FinTech roundtable in Shanghai today.

"The Turnbull Government is committed to working with the FinTech industry, regulators and other stakeholders on the key issues for continued innovation in financial services. We will support the industry in its objective of making Australia the leading market for FinTech innovation and investment in Asia by 2017," Mr Morrison said.