Australia has a sophisticated financial services industry, as well as an advanced Information and Communication Technology (ICT) industry.
As well as providing greater choice and efficiency for Australian business and consumers, FinTech is an important enabler of business development for financial services providers and other sectors of the economy that benefit from lower transactional costs, access to capital and more tailored financial products and services.
While Australia's financial sector represents a large proportion of our economy, it makes up only a small proportion of our trade. FinTech offers the opportunity to boost our exports in financial services, capitalising on our proximity to the growing middle class in Asia and the rising importance of digital economies in the region and across the globe.
During a recent FinTech roundtable in Hong Kong which the Government held as part of our process to better understand what is occurring in FinTech to drive our policy thinking, one key player referred to FinTech as 'data monetised and money digitised'.
With our National Innovation and Science Agenda and our response to the Financial System Inquiry, the Government is putting in place the foundations needed to grow Australia's FinTech industry. Australia is well‑placed to embrace the opportunities of FinTech — but we know we must seek out and grasp opportunities that strengthen our position. That is why we will continue to work with the industry to ensure that Australia can enable this innovative emerging industry to become a competitive and global player.