Australia a target for international fintechs

Australia’s wealth management industry is an attractive prospect for foreign technology firms and will likely see international players enter the market in coming years, a Microsoft report has found.

The Moving Past Prosperity report, which the tech giant conducted in conjunction with Harvard Business Review, said that while payments and lending dominate the Australian fintech landscape, wealth management technology is growing rapidly, according to KPMG data.

“Australia hosts the world’s sixth largest pool of funds under management, substantially filled by its compulsory superannuation scheme,” the report said.

“With its potential for scale and cost savings through robo-advice, wealth management is expected to attract many international entrants.”

Added to this is Government’s 2017 budget commitment to “encourage the growth of fintech and digital shape-shifting in financial services”, including a commitment to an open banking regime.

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Source: Australia a target for international fintechs – InvestorDaily