The Australian government, headed by Prime Minister Malcolm Turnbull, is providing a boost to the country’s fintech sector. According to an announcement made in Shanghai, China, during a visit to Asia by the Treasurer of Australia, Honorable Scott Morrison, the government will be providing $150,000 in funds to the Stone & Chalk FinTech Asia program.

A non-profit initiative, Sydney based Stone & Chalk is a technology hub created to focus exclusively on cultivating Australia’s fintech eco-system. Like other technology hubs around the world, Stone & Chalk includes programs for startups and partnerships with established financial players.

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Backing the new FinTech Asia program, the initiative was created to help Australian fintech firms promote themselves and develop relationships in the Asia Pacific region. As part of the program, Stone & Chalk is targeting startups, corporate partners, venture capitalists and investors to participate and boost the initiative.

Commenting on the role of Australian fintech firms in the Asia Pacific region and discussing the $150,000 government contribution, Morrison stated: “FinTech will have an important role to play in Australia’s innovation future, that’s why the Turnbull Government is backing it in with real support in the world’s fastest growing economic region. Consumers in Asia have been amongst the fastest to adopt innovative financial services and with investment quadrupling to nearly US $4 billion in 2015, FinTech is booming in the Asia-Pacific region. FinTech is a pivot point of our alignment with the transitioning economies and our regional trading partners, especially China.”