FinTech Australia was formally incorporated on 25th November 2015, with a vision to help Australia become one of the world’s top markets for fintech innovation and investment. A seven-member, nationally-representative committee was appointed at the inaugural Annual General Meeting in March 2016. It has received a $200,000 funding grant from the Federal Treasury to promote Australia as a world leading fintech destination.
Late last year, the startup community in Australia came together to shape a vision for the country. This created an unprecedented opportunity to provide input into the development of the Turnbull Government’s innovation agenda. Over the course of a month, the Fintech community collaborated and drafted a document of recommended reforms. This document, known as the government’s Innovation Statement, laid a solid foundation for startup-led innovation. It created further momentum for the Fintech community to enlist government support.
The following year, Prime Minister Malcolm Turnbull announced the establishment of the Fintech Advisory Group to support the goal of making Australia one of the world’s leading markets for financial technology innovation and investment. This represented a major milestone for FinTech Australia, achieving federal government support for the Australian Fintech community.
Federal Treasurer Scott Morrison announced the funding at FinTech Australia’s inaugural summit, Collab/Collide 2016 in Melbourne last week. The funding will be used to market Australia’s fintech sector, raise international awareness through digital channels, and promote FinTech Australia and government initiatives that are already underway.
Morrison believes that backing Australian fintech startups will stimulate technological innovation, making financial markets more efficient and consumer focused. Morrison said,
As Treasurer, I want to help create an environment for Australia’s fintech sector where it can be both internationally competitive and play a central role in aiding the positive transformation of our economy.
Australia’s top performing fintech startups are based in Sydney and Melbourne, with this year’s global Fintech100 report confirming Sydney as the biggest fintech hub in Australia, and one of the biggest in the Asia Pacific region.