Fintech urges regulators to better support Australians

A WA-based fintech that has utilised its platform to invest in and support the local economy, has called on state governments to better support similar initiatives aiming to bolster regional areas across Australia.

Perth-based Fair Go Finance is growing rapidly in the non-bank lending sector, having recently launched a new Tech Hub in Mandurah, regional WA, 75km from Perth. The lender currently focuses on personal loans, but “wants to look beyond” to new areas of finance in the coming years.

The Mandurah expansion created eight new roles, bringing the team to over thirty members and adding to the $2m in annual payroll dispersed in the region.

CEO Paul Walshe said, “I would encourage governments, particularly the WA state government, to do more to invest in the economic growth drivers, beyond what interest rate reductions can deliver, to attract and support companies and people in places like Mandurah.

“There are certainly things the government could do in regional areas to bring together a vibrant and progressive interaction between community and business. The government sits on a lot of data about trends in resources, employment numbers, et cetera. It would be very interesting to see how the government uses that data.”

According to Walshe, the Western Australian economy is searching for a foothold after its former reliance on the mining industry.

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Source: Fintech urges regulators to better support Australians