The Turnbull government has established an expert advisory panel, to be known as FinTech, aimed at making Australia the leading market in Asia for financial technology.
Although Australia is a leading financial services market in the region, the sector is becoming increasingly globalised and exposed to new technologies, such as crowdfunding, peer-to-peer lending, mobile payments, digital currencies, and robo-advisers.
"FinTech is at the cutting edge of innovation and will help to deliver more efficient financial markets and more customer-focussed outcomes for consumers," Prime Minister Malcolm Turnbull and Treasurer Scott Morrison said in a joint statement on Wednesday.
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