Australia visits UK to talk future of fintech
The ‘Australia-UK fintech bridge’ was a big talking point this week at a London round table meeting between UK state secretary for international trade, Liz Truss, New South Wales premier, Gladys Berejiklian and senior executives from UK fintechs.
Talks centered around the opportunities of open banking in Australia and its fintech relationship with the UK, which was officially established last year.
This meeting is part of the NSW premier’s trade link tour to the UK and Germany, exploring new opportunities to work with international fintechs and attract them to establish offices and bring workers to Australia.
Berejiklian called NSW, home to Australia’s fintech capital, Sydney, a “natural home for UK companies seeking a foothold in the Asia–Pacific region”.
She adds: “We have much to offer the UK in the Asia–Pacific region and in turn we also have much to learn from their cutting-edge technologies. As the epicentre for technology, innovation and entrepreneurship in Australia, there is no better location for UK firms to expand.”
Sydney, with a growing $60 billion financial services industry, is home to the global headquarters for leading Australian banks and houses more than half of the county’s fintech start-ups, according to Australian FinTech.
In a report published by KPMG last year, it was revealed that the number of fintech startups in Australia had increased five-fold, from less than 100 in 2014 to approximately 650+ companies in 2018.
Australian fintechs Up Bank, Airwallex and Afterpay were among the big winners of the country’s 2019 ‘Finnie awards’, which took place in Melbourne in June.