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Why it’s a boom time for Australia’s fintech industry

Why it’s a boom time for Australia’s fintech industry

“Australia is rapidly becoming a major global technology and financial services hub. We have the talent, infrastructure, location and lifestyle necessary to be among the best in the world.”

Anthony Eisen, CEO and Co-Founder of Afterpay

Home-grown digital expertise and deep capital markets are driving or finteh revolution. It’s backed by sweeping regulatory reforms, tax relief and more than A$69 billion in grants and incentives.

Data science and digital technologies

Australia is an ideal testbed for new products and inventions. We’re a nation of early digital adopters and avid users of technology, with a skilled, diverse talent pool and a growing venture capital ecosystem.

The A$1.2 billion Digital Economy Strategy is a roadmap for building our capabilities in emerging technologies. It’s boosting significant private sector commitment that will scale up our artificial intelligence capabilities, build digital skills and strengthen cyber security.

Cyber security

The scale and sophistication of cyber attacks is increasing. And they’re becoming harder to detect.

Demand for cyber security products and services is growing. Austraia’s appetite for cyber solutions is expected to drive local sales to A$7.6 billion by 2024. Australian expertise, backed by the A$1.7 billion Cyber Security Strategy is creating a more secure online world.

Australian expertise includes:

  • Secure mobility solutions
  • Quantum encryption
  • AI-driven deception
  • IoT security, and
  • Cloud security

Financial services and fintech

In 2020, 104 new fintech companies were born, including several that have achieved unicorn status such as Afterpay and Airwallex.

Our fintech revolution is backed by:

  • World class financial regulation
  • AAAA rated economy that is outpacing G7 and OECD growth rates
  • A strong ecosystem of clusters of excellence, incubators and launch pads
  • Rich treams of venture capital
  • A new framework to help the Australian financial sector manage more of the world’s wealth
  • Simplified tax rules for financial services providers and mutual recognition of professional licences
  • An ideal test bed of early tech adopters with a high disposable income

Source: Global Australia

FINTECH22 presented at Sydney Masonic Centre, Sydney 30 November – 1 December 2022, showcasing Australia’s leading FinTech products, services and firms.

Join the Two-day FINTECH22 Exhibitor Showcase – Free online visitor registration

Attend FINTECH22 Forum to hear from industry experts – Delegate registration

Visit https://onair.abf.events/fintech22/register

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