A number of Australian fintech companies and organizations are currently taking part in a tailored program with Chinese cities Shenzhen and Shanghai, to discuss the latest trends and pitch to potential business partners. 

This is the first event of its kind held by Australia, which comes as the Australian Trade and Investment Commission works on promoting the country's ties with China in financial technology.

"Technology is rapidly changing the operating model of the financial sector, which is particularly evident in China," said Susan Corbisiero, senior trade commissioner at the event.

Australia is committed to building a thriving financial technology ecosystem in the country. Meanwhile, the Chinese government is encouraging banks, insurance and trust companies to set up venture capital subsidiaries, to develop online financial products.

Australia now has over 300 fintech companies, covering sectors such as banking, insurance, market trading technology, payment systems and wealth management. 

The value of the fintech industry reached 250 million Australian dollars (1.3 billion yuan) in 2015, and is expected to increase to four billion Australian dollars (21.1 billion yuan) by 2020.

Business representatives say they are willing to provide innovative solutions to help Chinese companies to achieve greater development in Asia and the broader international market.