Autumn 2019 Update

In January 2019, the Victorian Government together with Austrade led a trade mission to the Paris Fintech Forum. Victorian companies joined the mission to hear from industry leaders about their expertise in blockchain, cryptocurrency and fintech. As part of the mission Fintech Australia signed a Memorandum of Understanding with France’s Finance Innovation to promote fintech collaboration.

The mission also included a stop in the UK to build on the UK-Australia FinTech Bridge arrangement established in 2018. Victorian companies met with the Royal Bank of Scotland and visited the Commonwealth Bank Innovation Lab in London and Level39 (Europe’s largest Fintech Accelerator). As part of the Fintech Bridge, Austrade and the UK’s Department for International Trade (DIT) are developing programs to support more Australian Fintech companies enter the UK. Those that have launched in the UK include Coinjar, Pinpayments, Loke, Afterpay and Airwallex.

In April, DIT announced two Fintech Bridge Pilot Programmes to connect UK businesses with Australia and Hong Kong, which includes a visit to Australia by ten UK fintech companies (Crowd2Fund, Disberse, Fractal, pirkx, Recordsure, Smart Pension, Thyngs, TradingHub, and TrueLayer) before the end of year.

Victoria is home to a rapidly growing number of internationally successful fintech start-ups including Afterpay, Square, Airwallex, Assembly Payments and Pepperstone. In March, it was announced that the industry peak body, Fintech Australia, will relocate its headquarters from Sydney to Melbourne, cementing the city’s reputation as the home of Australia’s digital technology sector. Financial services represent the largest sector of the Victorian economy, employing more than 120,000 people and contributing $47 billion per annum.

Both French and UK delegations plan to attend Intersekt Festival, Australia’s largest annual fintech conference to be held in Melbourne in October 2019. Melbourne will also host the industry’s annual national awards – the ‘Finnies’ – celebrating the achievements of Australia’s best fintech businesses.

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