An easy guide to what Aussie fintech companies do has been released
Ever wanted a closer look at what Australia’s fintech scene looks like?
A “map” detailing what kind of fintech companies exist in Australia has been released, as part of an education drive aimed at explaining Aussie fintech to foreign audiences.
Top industry body FinTech Australia broke down the nation’s scene into three major sections: lending, wealth management, and payments. As well as several smaller sections such as regtech, insurtech, HR tech and co-working.
Wealth management and lending are the two largest sectors, the former owing perhaps to superannuation, which has meant Australia has one of the largest pension markets in the world.
Commenting on the map, FinTech Australia CEO Danielle Szetho said fintech was “the largest startup sub-sector in Australia,” and had grown enormously the past two years.
“It is in fact arguable that Australia has a greater number of fintech companies than Hong Kong and is on par with or close behind Singapore.”
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