What is Fintech?

Fintech is short for "financial technology" and is part of the worldwide innovation boom. Fintech is the future of financial services.

Australian Fintech: Leading The World

With over 800 fintech companies based in all Australian State and Territory capitals, Australia has one of the world’s most exciting and dynamic fintech industries. In fact, the Australian fintech industry is estimated to grow from a $250 million industry in 2015 to a $4 billion industry by 2020. Australia is suited on the doorstep to Asia, which is increasingly home to the world’s economic centre of gravity. This makes Australia a great location for companies wanting to establish their Asian regional headquarters. Australian fintech companies are also keen to explore opportunities to grow into international markets, including through forming partnerships with overseas fintechs.

The majority of Australian fintech firms are founded or led by experienced financial services professionals, who are passionate about finding new ways to deliver financial services to the benefit of customers. Fintech companies provide a diverse range of product offerings for businesses and retail consumers internationally.

Big wins. More to come.

Australia punches well above its weight in the global fintech arena. And more wins are on their way. Our “early adopter” and “can do” attitude, combined with a supportive regulatory environment means that we’re well placed to take advantage of the fintech revolution.

Payments

We're number one in the world for contactless payment penetration

Money Management

Australia boasts the fourth largest pool of managed funds in the world

Adoption

Australia boasts the 2nd highest penetration of smart phones in the world

Blockchain

Australia is at the centre of creating world blockchain standards

Regulatory framework

Our fintech regulatory sandbox leads the world

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For Consumers

Fintech opens up a world of opportunity and choice for Australian retail consumers. Fintech companies allows consumers to access innovative new products which are more tailored to their needs, along with often being quicker and cheaper. Australia has one of the world’s strongest and most dynamic fintech marketplaces, largely based on the fact that financial services is Australia’s largest industry.

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For Business

Some 70 per cent of fintech firms in Australia provide services to businesses. Typically, these fintech firms have a better understanding of the needs of business owners, compared to traditional financial institutions, and therefore have filled market gaps. For instance, some fintech firms have dramatically improved lending outcomes for small businesses, while others have reduced the time taken for businesses to be paid for their products from weeks to seconds.

Make your next move.

FinTech Australia is here to assist with overseas expansion as well as bringing great companies and talent to our shores.

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Investing in Australia

Austrade helps Australian fintech companies develop international markets and also assists with productive foreign direct fintech investment into Australia. A key Austrade export program includes its international startup landing pads for Australian companies wanting to expand overseas.

 

Visit Austrtade

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Working in Australia

A range of entrepreneurial and skilled worker visa options are available for people who want to come to Australia. Australian fintech companies are experiencing skills shortages in areas such as engineering/development, user experience, sales and marketing. Information about obtaining skilled and entrepreneurial visas in Australia can be found on the Department of Immigration and Border Protection website.

Visit Home Affairs

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Great global test market

The Australian Securities and Investment Commission has a world-leading regulatory sandbox which allows companies to seek waivers or take advantage of exemptions to help launch their fintech product to market.

 

 

Visit ASIC

Ecosystem Map

FinTech Australia regularly produces an “ecosystem map”, showing the different sectors in which members of our organisation operate.

It shows the diversity and complexity of the fintech landscape in Australia and how many businesses, both big and small, can easily utilise their tech across multiple areas.

view the Map