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FinTech companies should aim for the best in the world

23 June 2017

The Minister for Industry, Innovation and Science, Senator Arthur Sinodinos, said last night at the 2nd Annual Fintech Awards that Australian FinTech companies should aim to be the best in the world.

I have often said that I want Australia to be the best in the world at Cyber Security.

I feel confident about saying we could be the best in the world at FinTech as well.

Australia enjoys a number of advantages supporting our domestic FinTech sector.

These include: 

  • Strong economic fundamentals, including a growing well-educated and tech-ready workforce
  • A sophisticated, competitive and profitable financial system and strong regulatory framework
  • Strong economic and personal ties to the Asian region.

Getting support at home is just as important in getting a start for young companies as gaining access to overseas markets.

Hopefully, through awards like this, we can showcase what is available at home and we can see more Australian companies investing and buying products by Australian companies.

The DTA Digital Marketplace is a very successful pilot project with 400 sellers signing on and more than $20.9 million in contracts available with a track record of more than 80 per cent of opportunities going to small and medium-sized businesses (SMEs).

The Government intends to broaden the scope of the Marketplace as part of the ICT procurement task force.

While the Marketplace has been a great success, the Government is committed to leveraging much more of our multi-billion dollar investment in ICT to encourage innovation.

It is our goal to encourage at least 10 per cent of our ICT spend going to innovative Australian companies – that is about $650 million a year.

This will be done by removing regulatory burdens, using digital platforms, like Marketplace, to increase visibility of contracts and focusing on making contracts of up to $10m, which is around 50 per cent of all ICT contracts, easily available to innovative companies.

The May Budget delivered on our March 2016 commitment to address the double taxation of digital currencies by removing the GST on purchases of digital money.

Good luck to all those at the awards in turning your ideas into thriving global businesses and congratulations to the winners who are at the cutting edge in their field.

 

2017 Winners:

FinTech Innovation in payments – ZipMoney

FinTech Innovation in Wealth Management (robo-advice) - Pocketbook

FinTech Innovation in Lending – Tyro Payments

Best FinTech Communications Campaign – BRICKX

Best Research in FinTech – EY

Best FinTech-Bank Collaboration of the Year – SocietyOne

FinTech Leader of the Year – ADDCA

Female FinTech Leader of the Year – AgriDigital

FinTech CTO/CIO of the Year – HashChing

InsureTech Startup of the Year – Trov

REGTECH of the Year – Checkbox

Ashurst FinTech Startup of the Year – Spaceship

 

Media contact: Minister Sinodinos’ office 02 6277 7070