Turnbull establishes fintech advisory group

Meeting

Prime Minister Malcolm Turnbull has created a fintech advisory group in order to establish Australia as a leading financial technology market within the Asia Pacific.

In a joint statement with Treasurer Scott Morrison, the Turnbull government indicated that the advisory group is a response to the fintech sector’s growing economic influence and importance.

“Fintech is at the cutting edge of innovation and will help to deliver more efficient financial markets and more customer focussed outcomes for consumers,” the statement said.

“New approaches like crowdfunding, peer-to-peer lending, mobile payments, digital currencies, and robo-advisers benefit consumers by increasing choice and stimulating more competition.”

The statement also noted that although Australia has a leading financial services market, it is increasingly “exposed to technological disruption”.

The new advisory group builds on the Turnbull government’s National Innovation and Science Agenda, and will complement its Innovation Collaboration Committee.

Stone & Chalk chief executive Alex Scandurra said the creation of an advisory group will help move fintech closer towards the “heart of the nation’s economic agenda”.

“[The] announcement by Prime Minister Malcolm Turnbull and Treasurer Scott Morrison is further evidence of the significant progress we have made in establishing the fintech sector as a source of growth and jobs for Australia’s new economy,” said Mr Scandurra.

The fintech advisory group will be chaired by Stone & Chalk chairman and Westpac Bank director, Craig Dunn.

It will also include: Reinventure co-founder Simon Cant, Society One chief executive Matt Symons, Westpac group executive of retail and banking Jason Yetton, Veda managing director and chief executive Nerida Caesar, CBA group executive of retail and business banking Kelly Bayer Rosmarin, H2 Ventures founding partner Ben Heap, The Fold Legal owner Claire Wivell Plater, Coinjar chief executive Asher Tan, Paypal Australia managing director Libby Roy, Tyro Payments executive director and chief executive Jost Stollman, Equisite co-founder and managing director Jonny Wilkinson and King & Wood Mallesons partner Scott Farrell.

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  • NobbyK

    I never cease to be amazed at how these committees are set up and that’s the last they are ever heard of. Just like the financial literacy has provided a profile boost for those sitting on the board, but done bupkiss for the population.
    But it all sounds good when telling the media to spread the word about how innovative the government has been and now these people can spruik their new roles. I look forward to some real resolutions coming out of this other than a collaboration between the companies involved for their own benefits to control the payments and banking industries. Sceptical??? Nah – not me.

  • 2DonaldBrick

    my husband was requiring a form recently and came across a document management site with a ton of fillable forms . If others are wanting it as well , here’s a http://goo.gl/YST33a