SFA’s second overseas business mission of 2022 to Melbourne, Australia has been nothing short of awesome.
Providing our SFA members these opportunities to dive in and know your industry empowers and enables them to explore business and investment opportunities regionally and globally.
Here in Melbourne, we’ve gained valuable insights into the exciting Australian FinTech and financial services landscape, such as:
📝 Victoria has a AUD23.6B startup ecosystem and is home to over 330 fintechs.
📝 BNPL will account for 14% of all e-commerce sales and be used by 30% of population by 2024.
📝 B2B transactions will be 98% cashless by 2024.
📝 Digital wallets will become the main way of goods payments by 2025.
📝 Australia’s evolving regulatory landscape is more complex than Singapore’s.
With trends such as open banking, instant payments, cross-border payments, biometrics, QR codes, and cloud tech, Singaporean companies able to offer solutions to drive efficiency are in a good position to be well-adopted in Australia.
The group had a blast at the 2-day Intersect 2022 conference. Our SFA members got the chance to connect with industry leaders and like-minded companies to discuss and unlock the potential of the FinTech market. We’re also heartened to learn that the Australian government and treasury are passionate about payment services and are pushing to strengthen ties with Singapore.
Shoutout to our representatives for sharing their valuable insights during the panel discussion!
Malachy Kirwan spoke about the importance of trust that needs to be built between Singaporean and Australian FinTechs and with other players in the industry.
Jacqueline Pang shared about global and complex problems faced by FIs with the ever-changing regulatory and compliance landscape, and the solutions that RegTech can offer to mitigate risks and manage reputations.
Our COO, Reuben Lim emphasized the need to take a global-first approach in building a fintech, and how identifying and building structure is essential to increasing your market value.