How FinTech Australia and its partners are helping the sector to grow

- By Collaborative Media & Publishing

FinTech Australia is helping FinTechs grow and expand overseas by partnering with the Australian Trade and Investment Commission and leveraging its corporate partner network.

Members of FinTech Australia will now receive help to export their services to three key overseas markets of their choice if they are selected as part of the Austrade Excelerate Service, a program that followed a Memorandum of Understanding  (MoU) between the tech member group and the government.

The MoU provides additional support to FinTechs to expand overseas and attract productive foreign investment.

“FinTech Australia will become embedded into that. And that's the first time that's ever been done with an industry association,” said Rebecca Schot-Guppy, the chief executive of FinTech Australia.

The MoU underpins the relationship between FinTech Australia and the Trade and Investment Commission, outlining how they will work together to boost Australia’s FinTech exports.

According to the latest EY FinTech census, the top markets for potential markets are the UK, New Zealand, the US, Singapore and Canada – notably countries with mature financial services sectors.

“The MoU will benefit all FinTech Australia members. One, it will allow us to be able to deliver more services as an organisation. Two, it will enable our members to get support in scaling their business,” Schot-Guppy said.

“FinTechs are the economic recovery for the nation because by scaling overseas they grow our GDP and help drive the tech-led recovery,” she adds.

Supporting the growth of the FinTech ecosystem

FinTech Australia is also supporting its members’ aspirations with the help of its ecosystem partners. These are corporates such as the Bank of Queensland, the National Australia Bank, EY and Mastercard who support the growth of the ecosystem and enable mutual success.

Each partner provides support in a different way – sometimes through partnering with a member; undertaking a pilot; cheaper or free professional advice; or access to programs or running pitch events.

BPAY Group has become a key supporter and player in the fintech sector by launching the BPAY Group Developer Portal in 2019, releasing a range of BPAY APIs, sponsoring FinTech Australia's annual intersekt event, as well as launching its own start-up, AI-driven document intelligence platform Sypht. 

FinTechs such as Groupee, Zip, Beem It and Sniip have collaborated with BPAY Group by offering the BPAY product as part of new innovative services, and by undertaking joint promotion.

One of the chief benefits for both FinTech Australia and the corporate is connections.

“FinTechs get easier access to corporates and the ecosystem partners have the chance to learn about, connect and meet FinTechs,” said Schot-Guppy.

“BOQ has been able to plug into some of our members to potentially work with them,” she said.

The program has grown strongly over the past three years, from zero to 20 partners, as more corporates see the advantages of working with FinTechs.

Schot-Guppy also said the health of Australia’s fintech ecosystem remains robust, despite weathering the uncertainty of the pandemic.

“The status of the fintech ecosystem in Australia is pretty incredible at the moment. We've seen many of our members go from strength to strength in hiring, fundraising and growing revenue by acquiring customers,” she said.

“The appointment of Senator Jane Hume as the Minister for FinTech in 2019 and her subsequent elevation to Federal Cabinet as Minister for the Digital Economy has shone a light on the sector and boosted its growth,” she added.

The COVID-19 pandemic also increased consumer uptake and awareness of fintech products.

The latest EY FinTech Australia Census paints a picture of a sector growing in maturity, finding more than 60% of FinTechs are three or more years old, up from just 20% in 2016. The Census also found that 78% are post-revenue, or generating sales, up from 57% in 2016.

Published by BPAY Pty Ltd (ABN 69 079 137 518) email: marketing@bpay.com.au. The BPAY Scheme is managed by BPAY Pty Limited.  When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership.  Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement.  Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs.  Before acting on such advice, you should review the Product Disclosure.
 

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