Federal Treasurer Scott Morrison has said that the growth of FinTech and the financial sector moving into the digital space has produced a shift in how businesses operate presenting challenges and opportunities.
At the recent G20 conference at Wiesbaden in Germany, Morrison spoke how innovation was changing the face of finance. In a report from InnovationAus, an Australian news site, he said that FinTech is the way of the future.
While we cannot go backwards, the success of fintech is not guaranteed. It is important that all of us work together, across borders, to help build this industry so that we can deliver for consumers, for businesses and for our respective economies.
The growth of FinTech is clearly a priory for Australia, which can be seen by the fact that the Treasury has established an Innovative Hub with the intention of aiding FinTech startups that are working with regulators.
In November, it was reported that Australian Treasurers were also increasing investment in
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