According to a new research study, Australian businesses are increasing their investments in FinTech in order to boost financial management systems and maintain the scope and importance of the financial services sector.
The research, conducted by East & Partners, found that Australian corporate treasurers are planning on increasing their spending on FinTech by around 12.2 percent. This is in addition to existing investments which have already been made in the new technology. Although relatively small in number, Australia’s FinTech firms are recognised as being leaders in the sector.
In the recent FinTech 100 list which is compiled annually, nine Australian FinTech companies were listed among the world’s leaders in the sector. Also, as we wrote (here), Australian banks have been among the first to successfully experiment with financial transactions using blockchain based technology.
Furthermore, in September the International Organization for Standardization (ISO) announced that Australia would take the lead in setting a uniform approach for the development of blockchain standards globally. While Australia may have started late compared with other countries, it can be counted among the UK, US, China, and Singapore as a leader in the field.
With the addition of the Federal Government’s recent Start-up Landing Pads initiative, and new funding for the FinTech sector, Australia is in a good position to take advantage of the this increasingly important new technology.