Stockbrokers embrace Fintech

Stockbrokers embrace Fintech

Something quite extraordinary happened at this year’s Annual Stockbrokers (SAFAA) Conference in Melbourne May 22-24, which culminated in blockchain based cryptocurrency broker, Caleb and Brown taking first place honours in the inaugural “Stockbroker Fintech Start-up of 2018” award.

Six weeks ago Caleb and Brown and the 9 other local and international fintech firms had no plans to be taking part in the conference in any shape or form.

Speaking after the prize giving award at the conference founder and CEO of Caleb and Brown, Dr. Prash P said “Our business is on a significant growth trajectory and being able to meet and partner with the stockbroking community in a meaningful way is an important step for our future success”.

What was extraordinary was that this was the first time in history when Stockbrokers opened their doors to the fintech startup world.  Not only opening doors but really embracing the startup community.

The Fintech Startup Barn allowed 17 additional fintech firms the opportunity to exhibit, sponsor and pitch at this year’s conference – mostly startups whom had never even visited the event previously.

There were many firsts at this years conference as a result.  To name but a few, the first Stockbroker Conference Crypto workshop, Fintech Startup Barn Exhibitor area, Crypto firm exhibitors, Hashtag social media competition, Fintech Pitching breakfast culminating in the award of the Stockbroker Fintech Startup of 2018.

The 2018 Stockbrokers conference marks a milestone in the industry as the ASX commences their journey on the path of replacing their core settlement and clearing infrastructure with DLT.  Stockbrokers now know more about fintech and are better prepared for the future. The realms of what might be possible post the ASX project go live in 2020 are not known yet quantifiable, but the Australian Stockbrokers Annual Conference appears to have taken the right steps to prepare.

The technology world is changing at pace and we are already starting to see winners and losers.  By greeting the Fintech firms with open arms the Stockbrokers Association has shown that it is open to embracing the future possibilities holistically.  Based on what we have seen to date there will be plenty more interesting and advancing times ahead.