Techfoliance and The Fintech Twins are travelling together to meet game changers in finance around the world. We want to help you understand the potential that these technologies could have in people’s life in every part of the world.
At a global level, FinTech is an opportunity to position Australia as a leading hub in Asia pioneering global initiatives in blockchain, cybersecurity, international settlements or big data. The mining boom being over, Australia could export not only gold but its financial services expertise to maintain its footprint in Asia.
The Government is backing FinTech both nationally and internationally with the launch of ‘landing pads’ hosting Australian FinTech start-ups in Israel, Singapore, Shanghai, London or Berlin. The conditions are in place in Australia for a great FinTech ecosystem to emerge.
We met entrepreneurs and experts to know more about the future of finance in Australia, here is what we discovered:
Fintech in Australia – Key figures
Australian ‘Big 4’ are among the world’s most profitable banks and enjoy a 80%market share in Australia
Australia has the world’s 4th largest pension pool and the biggest in Asia with assetstotalling US$1.6 trillion
In 2015, the total market size of the Australian Fintech Sector was estimated at A$247.2m.
FinTech could take 20-30% bank revenue in the next 3 years; that’s a $25 billion opportunity for startups in Australia alone
Around 300 FinTech startups: between 150 to 200 in Sydney, another 100 in Melbourne and a few growing in Brisbane
You can have access to the full report by clicking on this LINK
Country analysis : Fintech in Australia