How the Victorian Government is working to position the state as a global Fintech hub
As Fintech innovations continue to disrupt the financial industry, the state government of Victoria in Australia has been working pro-actively to foster a thriving Fintech ecosystem. It is seeking to ensure that Melbourne’s fintech sector reaches its full potential and continues to create jobs, businesses, technologies and exports.
Last week, the Victorian Government led a delegation of Fintech companies to Singapore for Money 2020 Asia. During a Corporate Access day prior to the event, OpenGov spoke to Amelia Fyfield, Deputy Commissioner, Southeast Asia, at Trade and Investment Victoria and Alex Veale, Trade Specialist- Professional Services, Trade Victoria, under the Department of Economic Development, Jobs, Transport and Resources (DEDJTR), to learn more about how the state government is working to help the state’s Fintech sector realise its potential.
Victoria’s strengths
The financial services sector is the largest contributor to the Victorian economy, generating around A$40 billion (around 11% of the Gross State Product) and employing more than 115,000 people.
Melbourne is home to two of Australia’s big four global banks – ANZ and NAB – and is the dominant city both for Australia’s industry pension funds and its largest health insurers. Australia’s sovereign wealth fund, the A$130 billion Future Fund, is also headquartered in Melbourne.
At the same time, Melbourne’s ICT sector has a strong track record of developing world-class technology-enabled businesses, estimated to be worth A$34.8 billion, including A$2.16 billion in exported services. Melbourne has recognised strength in cybersecurity knowledge and the Victorian Government has committed to grow the state’s cyber security industry with funding and resources.
The industry is supported by a growing network of angel and seed investors, incubator and accelerator programmes and a top-notch university system that is actively engaged in technology-related collaboration and R&D with industry. Melbourne produces more ICT graduates than any other city in Australia, enabling supply of a highly skilled talent pool.
Today Melbourne has a growing Fintech ecosystem worth US$300 million and featuring approximately 60 companies employing more than 500 people, and dominated by wealth management and payment companies.
Examples include, Moula, a provider of working capital to small and medium businesses, with average loans of A$30,000 and Six Park, which uses advanced robo-advice technology, along with human oversight, to assist investors to create a diversified portfolio of ASX-listed Exchange Traded Funds in accordance with their personal risk profile and investment horizon.
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Source: How the Victorian Government is working to position the state as a global Fintech hub | OpenGovAsia
