Sydney confirmed as leading fintech hub in Asia

Fintech, which is a short form for Financial Technology, includes technological innovation in the financial sector, and encompasses innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.

As a short description, fintech is a line of business based on using software to provide financial services. Fintech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.

Fintech has been attracting increasing global investment and has exceed the USD 12 billion mark in 2015 as compared to UD 930 million back in 2008 (source: Accenture Newsroom, March 26 2015).

A new report on the world’s leading fintech innovators has confirmed Sydney’s position as Asia’s leading fintech hub (source: Migration and Education Alliance Australia, December 2015).

Fintech 100: Leading Global Fintech Innovators Report 2015 shows that Sydney is home to seven of the 100 listed companies, making the city not only the leading fintech hub in Australia but also in Asia.

Sydney, with seven of the nine Australian companies included in Fintech100, has more companies on the list than any other city in Asia. This illustrates the strength of the NSW business environment for fintech companies and the commitment of the NSW Government to grow this sector.

The report, produced by Fintech Innovators, a collaboration between KPMG Fintech and H2 Ventures, shows that fintech financing has grown six-fold over the past three years and is estimated to reach US$20 billion this year, an increase of 66% on 2014.

This news is expected to be a shot in the arm for those IT and financial professionals worldwide looking to migrate to Australia on a skilled visa or a work visa.