Australia to shine in financial technology

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.