Australia is now 5th in fintech adoption - ahead of Hong Kong, Singapore and USA

A global study has shown Australia is one of the world leaders in adoption of fintech products and services, ahead of traditional financial and tech powerhouses like Germany, Hong Kong, Singapore and USA.

The EY FinTech Adoption Index ranked Australia 5th in the world for fintech adoption, with 37% of the “digitally active” population using fintech products.

“Fintech is no longer just an industry with future potential – it is now an industry which is delivering great on-the-ground outcomes and becoming the first choice for financial services for many Australians,” said FinTech Australia president Simon Cant.

China comfortably led the ladder, with 69% of its digital population taking on fintech services. India was next on 52%, with the UK (42%) and Brazil (40%) following.

EY FinTech advisor Meredith Angwin said that the previous report, in 2015, forecasted adoption rates would double – but Australia had far exceeded even that prediction.

“Usage among digitally active Australians [has risen] from 13% in 2015 to 37% in our latest survey,” she said.

“What the Adoption Index clearly shows is that fintech is gaining widespread traction, both locally and globally, and has achieved the early stages of mass adoption in most countries.”

The global average adoption rate was 33%, with tech-savvy nations like USA (33%), South Korea (32%) and Canada (18%) struggling to keep up.

Traditional finance giants such as Germany (35%), Hong Kong (32%), Singapore (23%), Japan (14%) and Belgium/Luxembourg (13%) also lagged behind Australia.

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Source: Australia is now 5th in fintech adoption — ahead of Hong Kong, Singapore and USA | Business Insider