Sydney has emerged as a challenger to Singapore's fintech crown
KPMG report finds Aussie fintech has grown and Sydney threatens Singapore.
Australian fintech has grown tremendously and Sydney could vie with Singapore for Asian fintech dominance, a new report by KPMG has found.
The report, Scaling the FinTech Opportunity for Sydney and Australia, found that Aussie fintechs have grown rapidly in number, from 95 to 579 between 2014 and 2017. It concludes that regtech, payments and blockchain are areas where Australia has the potential to lead the world in fintech.
The report, which interviewed Australian fintech workers, bosses and investors, found that the general perception in Australia was that Sydney beat Hong Kong on fintech innovation, but fell behind Singapore.
Based on these interviews, the report concludes that Sydney could challenge Singapore – in the eyes of Australian fintech industry members, at least.
The report also lobbies the New South Wales state government to do more to help Sydney gain an international edge. It also called on the Australian federal government to promote Aussie fintech internationally and open new markets.
The report was welcomed by FinTech Australia, the industry group.
“We’re pleased to see the finding that Sydney is a serious challenger to Singapore as this reaffirms our perspective when we released our member ecosystem map in June,” said FinTech Australia CEO Danielle Szetho.
“We are currently rolling out an international public relations program in support of Australian fintech and some of the insights given by this report will be hugely beneficial for this program.