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Treasurer commends FinTech Advisory Group

Treasurer Scott Morrison has met with the FinTech Advisory Group to advance innovation in the financial services sector and key measures in the National Innovation and Science Agenda supporting Australia’s fintech industry.

The FinTech Advisory Group, chaired by Stone & Chalk chairman and Westpac director Craig Dunn, includes representatives of start-ups, incubators and corporates in Australia’s banking and finance sector.

Mr Morrison said the group has already made some real progress working with government, with the introduction of measures such as the CSIRO Data61 review of opportunities for distributed ledger technology (blockchain); the Productivity Commission’s examining ways to improve data availability and use; and the extension of venture capital tax concessions to fintech start-up businesses engaged in financial services, banking and insurance.

The latest meeting was held to further advance the agenda for the development of a regulatory sandbox, blockchain, open financial data, robo-advice, comprehensive credit reporting, crowdfunding, and venture capital.

“FinTech is all about stimulating technological innovation so that financial markets and systems can become more efficient and consumer-focused,” the Treasurer said in a statement.

“The Turnbull Government will continue to work with the Australian FinTech industry to help create an environment where it can be both internationally competitive and play a central role in aiding the positive transformation of our economy.”