Hong Kong Chamber: A Letter from Canberra
Just as the internet revolutionised how the world communicates, FinTech is revolutionising how the financial sector does business.
FinTech start-ups are challenging the way lending, investment, insurance, wealth and asset management, equity financing and banking institutions deliver their services.
And if they're to remain competitive in a digital world, these institutions have to sit up and take notice.
Australian FinTech is growing and exporting.
FinTech industries include incubators, venture capital funds, personal and business finance, capital market technology, payments and wealth management providers, business enabling technologies, data analytics and crowdfunding platforms.
It's a growth industry, but a growth industry whose success relies on getting the regulatory and cyber security settings right.
The Australian Senate Standing Committee on Economics recently released its Review of the Four Major Banks, which acknowledged the close interaction between FinTech and cyber security.
With the right regulatory settings and cyber security, FinTech products and services will continue to grow, as more and more customers and businesses interact online.
That's good for FinTech, good for business, good for exports and good for our personal, national and international security.