The Fintech Advisory Group met Federal Treasurer Scott Morrison on Friday to further drive development of innovation in financial services.

Topics included a regulatory “sandbox”, blockchain, open financial data, robo advice, comprehensive credit reporting, crowdfunding and venture capital.

The group is led by Stone & Chalk Chairman and Westpac director Craig Dunn, and includes representatives from start-ups, incubators and corporates in banking and finance.

Mr Morrison says the group has already made progress, working with the Government on measures such as the CSIRO Data61 review of opportunities for distributed ledger technology (blockchain) and with the Productivity Commission on ways to improve data availability and use, and extending venture capital tax concessions to start-up fintech businesses.

“The Government has also announced its intention to stop the double taxation of digital currencies under the GST regime,” Mr Morrison said.

“Fintech is all about stimulating technological innovation so financial markets and systems can become more efficient and consumer‑focused.

“Innovation can help drive improvements in traditional financial services and, perhaps more importantly, promote disruption through innovative new products and services.”