On Wednesday 24th February Prime Minister Turbull, along with the Federal Treasurer, Scott Morrison, unveiled the new Group. According to the announcement, financial services is the largest sector of our economy, employing around 450,000 people and contributing over $140 billion to the economy last financial year.
“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.
The FinTech advisory group will be chaired by Craig Dunn, Chairman of Stone & Chalk and Director of Westpac Bank. The group will also include:
- Simon Cant, Co-Founder and Managing Director, Reinventure
- Matt Symons, Co-Founder and CEO, Society One
- Jason Yetton, former Group Executive, Retail and Business Banking, Westpac
- Nerida Caesar, CEO and Managing Director, Veda
- Kelly Bayer Rosmarin, Group Executive, Institutional Banking & Markets, Commonwealth Bank
- Ben Heap, Founding Partner, H2 Ventures
- Claire Wivell Plater, Owner, The Fold Legal Pty Ltd
- Asher Tan, Co-Founder and CEO, Coinjar
- Libby Roy, Managing Director, Paypal Australia
- Jost Stollman, Executive Director and CEO, Tyro Payments
- Jonny Wilkinson, Co-Founder and Managing Director, Equitise
- Scott Farrell, Partner, King & Wood Mallesons.
The FinTech advisory group will complement the Innovation Collaboration Committee being established under the Financial System Program.
Asia a burgeoning market
The Treasurer further praised the fintech sector during a meeting in Shanghai later in the same week.
“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,” Mr Morrison said.
“FinTech is a pivot point of our alignment with the transitioning economies and our regional trading partners, especially China.”
The Government further announced the provision of $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.
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.
“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.