A tale of two FinTech hubs
The Victorian government has opted to fund two separate FinTech hubs in Melbourne following an extended tender process.
The government announced last June that it would work with an “established innovation hub operator” to establish a FinTech hub at the Goods Shed North in Docklands.
But on 21 December, one day before the Christmas and New Year’s break and typically a time used to quietly drop announcements, the state revealed that it would instead fund two two separate FinTech hubs – in two separate location operated by two separate companies, Stone & Chalk and York Butter Factory Ventures (YBF).
Stone & Chalk will take the originally proposed space in Docklands, while York Butter Factory will move to a new space in the Melbourne CBD.
The funding for the two new hubs will come from the government’s $200 million Future Industries Fund, and will cover the design and fit-out, rent and other government support measures for at least three years.
“We’re partnering with two hub operators to help grow Melbourne’s thriving FinTech sector. New technologies are changing the financial services industry and we’re working hard to ensure Melbourne’s FinTech sector continues to create jobs, technologies and exports,” Mr Dalidakis said.
The amount of funding provided to both of the FinTech operators has not been disclosed.
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