This report, commissioned by The Committee for Sydney and authored by KPMG Australia, identifies key enabling conditions for financial services technology or Fintech to flourish and sets out what Sydney needs to do to compete, thrive and become a leading Fintech hub in the Asia Pacific region.
The report provides some specific insights into the rapidly developing market for Fintech. It focuses on what innovations, policies or tools are required across the public and private sectors to help grow the capacity and economic impact of Sydney's Fintech sector.
There are a number of leading and emerging Fintech hubs around the world, including San Francisco (Silicon Valley), New York, London, Dublin, Berlin, Tel Aviv, Singapore and Hong Kong. KPMG has analysed each of these and identified their respective strengths.
These established and emerging hubs all exhibit to varying degrees a set of common characteristics that have helped them develop a strong Fintech ecosystem, and which Sydney must consider in its aim to become the leading Asia Pacific Fintech hub.
Our analysis found the following factors are important enablers to developing a strong Fintech ecosystem:
What needs to be done to enhance and scale the Australian fintech ecosystem?