March 31, 2017
As reported by The Australian, although FinTech investments globally declined in 2016 to $24.7 billion from a $46.7 billion in 2015, Australian FinTech investments soared to a record high of $626 million in 2016, up from $185 million in 2015. By 2020, the Australian FinTech revenue is projected to grow at a CAGR of 76.3% and exceed $2.92 billion, driven by reduced taxes on investments in startups, a steady increase in mobile payments and the rise of tech-savvy digital natives.
Not only has Australia been footing FinTech funding in an accelerated pace, the market is also ahead of Europe and North America in driving digital revolution in the financial services industry overall. The latest study on the state of digital sales in banking commissioned by