Government plans fintech push to boost export sector
Senator Jane Hume has signalled the potential for new global agreements to propel Australian fintechs into new markets, acknowledging Australia’s current agreement with the UK to encourage exports of Australian tech isn’t being used to its full potential.
“The ‘fintech bridge’ is probably under-utilised, particularly at the moment in the Australia-to-the-UK side of things,” the Assistant Minister for Superannuation, Financial Services and Financial Technology told a Visa fintech panel in Melbourne on Friday.
The fintech bridge agreement was unveiled in 2018 as a way to better facilitate trade and collaboration for banking disruptors across the two nations.
Senator Hume said the UK agreement was an exciting project but had only taken its “first steps” towards fostering cross-border trade so far.
In October the UK’s department of international trade brought a cohort of UK companies to Melbourne for the Intersekt fintech festival.
A number of UK competitors, including software business TrueLayer and small business bank OakNorth, signalled they will enter Australia ahead of the rollout of the open banking regime.
The British fintech market is more mature than Australia’s, with the region already operating under an open banking scheme where customers can share their data between banks to get better deals.
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