Not one to remain behind in the FinTech race, Australia is increasing its investments in FinTech in a bid to boost its financial management systems and to improve its status as a leading country in financial technology, according to research from East & Partners, an Australian-based market research firm.
The research found that Australian corporate treasurers are planning on increasing their spending on FinTech by around 12.2 percent. It added that 17.6 percent of treasurers had already invested in the sector while an additional 24.2 percent were exploring the possibility of investing.
Last month the annual FinTech 100 list recognized nine Australian FinTech companies among the world’s leaders in the sector, helping to push the country up among the leaders who have been in the sector longer.
Additionally, the ‘Big 4’ Australian banks were reported in September as successfully completing its first proof-of-concept (PoC) money transfer over a blockchain. It managed to transfer AUD$10 from one employee account to another employee account at the Canadian Imperial Bank of Commerce (CIBC) in just ten seconds.
While the International Organization for Standardization (ISO) announced in September that Australia was to take the lead in setting a uniform approach for the development of blockchain standards globally.
However, even though Australia may have started late, it is certainly making up for lost time by fully embracing the FinTech sector, and the ways in which it can maximize on the benefits it provides to the country.
Not only that, but to further promote the country as a leading financial technology destination, FinTech Australia recently unveiled that it had received a $200,000 federal grant to help endorse the country as the place to be for startups to reside.
However, with the likes of the U.K. as the financial technology center, despite the Brexit vote, and the U.S., China, and Singapore following closely behind, latecomer Australia still has plenty to do to claim the top spot.
China recently showed it powers within the sector by dominating the FinTech 100 list after the report detailed that there were eight firms listed in the top 100 with four of them located in the top five.
As it can be seen China is certainly one of the country’s that Australia should look to when it comes boosting its status in the world and becoming a leading country in the sector.