January 8, 2016
Continuing our world FinTech haul after looking at London, New York, Hong Kong, Singapore and other international FinTech hubs, we decided to take a closer look at the Australian FinTech ecosystem. Recently, Aussie banks and investors have demonstrated a passionate interest in exploring opportunities with FinTech, which worth taking into consideration if you are looking for international expansion.
Last year, one of Australia’s oldest banks, Westpac, invited a bunch of youngsters to pitch their ideas at a Shark Tank-style event on how to make financial services nimbler, cheaper and friendlier using digital technology. The fresh-faced disrupters who turned up in a Sydney skyscraper included a policeman from China, a South African cybersecurity expert and a couple of local staff from Google and IBM, as WSJ reported. A year earlier, Westpac also made a generous investment of $50 million into technology-focused venture capital fund Reinventure.
The team presented its business plan to dominate the niche banking market for newly arrived migrants in Australia via social media, mobile apps and push notifications. Brad Lorge, the team’s 23-year-old cyber expert, shared, We’re the generation that never knew the world without the Internet. We’re trying to reframe how banks work.
As Westpac’s Manager who co-hosted the FinTech pitch session, Damien MacRae commented, We want to know what we’re not seeing. We need to think and act like a 200-year-old startup.
According to WSJ, Australia in 2014 was on the third place by the investment fund assets size with $1.6 trillion ready to fuel the ecosystem. There are other interesting details about Australian FinTech proving the forward-thinking culture of the financial industry. For example, according to Westpac, contactless payments via mobile were estimated at AUD $3 billion in Australi ...