Opportunities for Australian Fintech

Supportive nongovernmental entities. Outside of government support, a number of organisations are working to promote the fintech industry in Australia. One of the latest is Australian FinTech Jobs, a website dedicated to helping fintech companies find talent and aiding people seeking jobs in the sector.

Australia also has several successful fintech hubs, like Stone & Chalk, that provide work spaces for fintechs and guidance when needed. Stone & Chalk claims to have already worked with 13 startups that scaled globally, and fintechs continue to take advantage of its services.

Additionally, the hub has both local and international partners, which could help Australia become more attractive to overseas fintechs. By ensuring such hubs continue to thrive, perhaps via tax relief, the government could provide the fintech industry with an additional resource without significant outlay on its own part.

High fintech adoption rate. Australia’s fintech adoption rate — the percentage of the digitally active population that uses fintech — is at 37%, the fifth highest, after China, India, the UK, and Brazil. It is therefore ahead of both Singapore and Hong Kong, its closest competitors in the region. A high fintech adoption rate makes Australia an attractive location for fintechs, as the market they want to serve is already used to new fintech solutions and technologies. This could help bring in more foreign fintechs in the future, reducing the country’s reliance on domestic players.

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Source: The two Australian cities that have built global reputations as fintech hubs | Business Insider