The two organisations have signed a memorandum of understanding (MoU), which has seen Austrade (Australian Trade and Investment Commission) agree to give export services and to drive international business and investment for local fintechs, alongside FinTech Australia.
Austrade and Treasury are the government’s lead agencies for implementing the Fintech Trade and Investment Program, which falls under the 2020 Digital Business Plan to Drive Australia’s Economic Recovery that was rolled out with the federal budget in September.
The initiative includes $9.6 million over four years to support Australian fintech businesses access international markets and attract international investment.
Tim Beresford, acting chief executive of Austrade commented the MoU will assist the expansion of the Australian industry, beyond its total of around 730 fintechs and the 450,000 people they employ.
“This MoU will build on the work Austrade is already doing to provide fintech businesses with market insights, partnership opportunities and connections in the UK, Singapore and the US,” Mr Beresford said.
“Australia’s proximity to Asia, the Fintech Bridge Agreement with the UK and our international regulatory agreements make us an attractive destination for foreign investment, which in turn supports Australia’s fintech sector to grow.”
Rebecca Schot-Guppy, CEO of FinTech Australia, welcomed the agreement with Austrade.
“Our priorities are well aligned and we will work together to co-deliver trade services to eligible exporters, increase international business outcomes for Australian fintech companies and attract investment into Australia,” Ms Schot-Guppy said.
“Australia’s fintech sector is built on a dynamic tech ecosystem, a tech savvy population and a large, well-regulated financial system. With more than 40 per cent of Australian fintechs already established overseas, the sector welcomes international investors, partners and collaborators.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.