How Sydney can become a global fintech hub | James Eyers

A report by KPMG and think tank the Committee for Sydney, which will be launched by NSW Deputy Premier Andrew Stoner on Tuesday, calls for governments to create a comprehensive vision for fintech while promoting Sydney’s capability in the sector throughout Asia-Pacific.

A not-for-profit physical hub should be established in the CBD to allow start-ups, venture capitalists, researchers and established financial services firms to collaborate, the report says. It also calls for an independent fintech industry association to be set up, and for universities to step up research on opportunities for Sydney, given its financial services proficiency and deep workforce of information, communications and technology (ICT) professionals, along with its other creative and professional service industries.

The report presents a call to action to ensure Sydney capitalises on a growing global trend. The fintech scene is expanding rapidly in world financial centres, with financing activity predicted to rise from $US3 billion($3.5 billion) t to $US6 billion to $US8 billion by 2018, according to Accenture. Fintech firms operate in areas including personal finance, big-data analytics, payments, capital markets technology and office tools. The movement is being driven by the digitalisation of financial services, big data, falling computing costs, technology innovation and banking customers’ embrace of mobile devices.

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