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Unlocking the potential: The Fintech opportunity for Sydney
Unlocking the potential: Fintech opportunity for Sydney
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.
Enablers for a strong Fintech ecosystem
Our analysis found the following factors are important enablers to developing a strong Fintech ecosystem:
- Available and accessible early stage funding for Fintech startups and a strong pipeline of opportunities for investors/venture capital funds.
- Depth of financial services and technology talent and close proximity of these talent pools to each other (in city locations).
- A robust financial services industry, with a vibrant technology startup community with mentoring, networking and high visibility.
- Government commitment and regulatory support for the Fintech sector specifically, and technology startups generally.
- Business backing for a Fintech hub, with high levels of collaboration and a culture which encourages innovation and risk taking.
