Sydney, Melbourne climb in financial, fintech league rankings

There was good news overnight for status-conscious Australia’s bid for relevance in global financial services.

Both Sydney and Melbourne continue to climb in the rankings of the world’s leading financial centres, with Sydney nestled in the top 10 at number eight after improving three notches, and Melbourne now ensconced at number 21, also up three places.

In another round of the endless rankings of global fintech hubs, Sydney also edged up from 9th to 8th position.

Perennial favourites London and Singapore shared top billing, with New York and Silicon Valley at 3rd and 4th, and Chicago the highest new entrant at 5th.

The methodology behind country league tables is notoriously imprecise.

However, upward momentum is critical to maintaining the focus of policymakers, whose input in critical areas like the tax system and development of human talent is key to a financial system’s growth and vitality.

The hub review, conducted by Deloitte and the Global Fintech Hubs Federation, says Australia has robust wealth management and superannuation sectors, and holds the lion’s share of its customer base in the region.

It is the gateway ecosystem into Asia, especially South Asia, with many global banking brands setting up their Asian headquarters in Sydney.

There is also a deep and skilled talent pool, and a high level of mobile penetration and internet banking.

While the level of investment is not a conclusive indicator, Australia has a long way to go to match the world’s leading hubs, attracting $US91 million of funding in 2016 compared to $US7.7bn in China, $US6.2bn in the US and $US783 in the UK.

To read more, please click on the link below…

Source: Sydney, Melbourne climb in financial, fintech league rankings – The Australian