Australia to set up FinTech advisory group

Australian prime minister Malcolm Turnbull and treasurer Scott Morrison have confirmed the country’s FinTech ambitions, by establishing an expert advisory group specifically for the Asia-Pacific region. Financial services make up the largest sector in Australia’s economy, employing around 450,000 people and contributing over $140 billion last year. The new advisory group will be chaired by Craig Dunn, chairman of Sydney FinTech accelerator Stone & Chalk and director of Westpac Bank, and will also include representatives from companies such as Commonwealth Bank, Coinjar, Paypal and Veda.