The Committee for Sydney had given their enormous support to Sydney’s goal of becoming a new global Fintech Hub. They have asked the NSW Government to give their support to the fintech ecosystem in Sydney as they can see it big economic potential.
Over the last few year, Australia has been growing exponentially when it comes to the investment sector and fintech startups. Not only that, but there has been an enormous rise in fintech startups in Australia, according to the report made by the Committee and KMPG. It was said that almost 579 startups were set up in Australia, from which a huge 59% were located in Sydney. The reports also mention that Sydney has received a big investment boost when it comes to investment profit in the last two years where they earned almost $171 million.
According to the mentioned report, Australia has a big potential for leading the financial world, but the regulatory activities and environment are causing the innovation to be less ambitious. They also need a clear business brand that would be specific to Fintech. However, it seems that Sydney’s biggest issue is that there is a “lack of clear incentive policy for International talent to come to Sydney to start a business.”
Nonetheless, these changes have already started and the NSW government is wanting to invest a whopping $35 million on a brand new startup hub by rounding up all the prospective and experienced incubators in the city.
It is clear that the Australian fintech sector is certainly gaining a lot of attention from all sides of the story. Undoubtedly, it has been recognized as having a lot of potential as it seems that the Victorian Government now wants to set up a fintech hub in Melbourne’s Docklands and to organise a festival that would relate to fintech in the country which will give a lot of boost to the fintech ecosystem.