The Australian Trade and Investment Commission(Austrade) has signed a memorandum of understanding with national FinTech association FinTech Australia.
The bodies hope this agreement will help the Australian FinTech sector receive additional support to expand overseas and attract productive foreign investment.
Austrade CEO Tim Beresford said, “The fintech sector is built on Australia’s A$10 trillion financial services sector, one of the largest in the Asia-Pacific, which contributes 9.4 per cent to Australia’s GVA and employs more than 450,000 people.
“This MoU will build on the work Austrade is already doing to provide FinTech businesses with market insights, partnership opportunities and connections in the United Kingdom, Singapore and the United States.”
He continued to state that Australia’s proximity to Asia, the FinTech Bridge Agreement with the UK and its international regulatory agreements make the country attractive for foreign investment.
This initiative is part of the Australian government’s 2020 Digital Business Plan, which hopes to increase the country’s economic recovery.
FinTech Australia CEO Rebecca Schot-Guppy said, “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.
“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.”
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