Australia’s burgeoning fintech sector will receive additional support to expand overseas and attract productive foreign investment under a Memorandum of Understanding (MoU) signed last week by Austrade and FinTech Australia.
Tim Beresford, acting CEO of Austrade, said the MoU would assist one of the fastest-growing fintech sectors in the world, with more than 730 fintech businesses in Australia.
“The fintech sector is built on Australia’s A$10 trillion financial services sector, one of the largest in the Asia-Pacific, which contributes 9.4 per cent to Australia’s GVA and employs more than 450,000 people,” Mr Beresford said.
“This MoU will build on the work Austrade is already doing to provide fintech businesses with market insights, partnership opportunities and connections in the United Kingdom, Singapore and the United States.
“Australia’s proximity to Asia, the Fintech Bridge Agreement with the United Kingdom and our international regulatory agreements make us an attractive destination for foreign investment, which in turn supports Australia’s fintech sector to grow.”
“Our agreement to co-deliver export services with Fintech Australia will be highly beneficial for Australian fintechs,” Mr Beresford added.
Rebecca Schot-Guppy, CEO of FinTech Australia, welcomed the agreement with Austrade.
“As Australia’s leading fintech industry body, we are looking forward to providing enhanced and ongoing support to the sector together,” Ms Schot-Guppy said.
Dynamic tech ecosystem
“Our priorities are well aligned and we will work together to co-deliver trade services to eligible exporters, increase international business outcomes for Australian fintech companies and attract investment into Australia.
“Australia’s fintech sector is built on a dynamic tech ecosystem, a tech savvy population and a large, well-regulated financial system.
“With more than 40 per cent of Australian fintechs already established overseas, the sector welcomes international investors, partners and collaborators.”
Austrade and Treasury are the Government’s lead agencies for implementing the Fintech Trade and Investment Program.
The initiative is part of the Australian Government’s 2020 Digital Business Plan to Drive Australia’s Economic Recovery, which includes $9.6 million over four years to support Australian fintech businesses access international markets and attract international investment.