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Export opportunity – Australia fintech

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Key details

Export opportunities:

  • Regtech (Anti-Money Laundering, Know Your Customer)
  • Consumer data rights, open banking

Country: Australia

Sector: Fintech

Australia – fintech opportunity summary

Australia is home to the 12th largest economy in the world. Its stable institutions, sophisticated financial systems and good governance make it an ideal place for Scottish fintech companies to do business. 

Australia's market is similar to Scotland's. So, if a Scottish product or service is successful at home, it’s likely to succeed in Australia too.

Scotland and Australia also share a common language and culture, as well as business and legal practices (like intellectual property protection and the rule of law). This means that it's fairly easy for Scottish businesses to trade there. Most Scottish companies are well placed to gain an edge over the competition, thanks to their experience of operating in the highly regulated British financial services sector.

The UK-Australia fintech bridge and Free Trade Agreement support trade relationships in this sector. It is acknowledged that Scotland and Australia both take a model regulatory approach to fintech.

We are working in close partnership with Fintech Scotland and Fintech Australia to enable trade between fintech companies in both countries.

Scale of export opportunity

Australia has a $10 trillion AUD financial services sector and has a fintech sector ranking 6th in the world.

Australia's Consumer Data Right regime in the banking sector went live in July 2020, giving consumers greater access to and control over their data as well as boosting competition. This presents a range of opportunities for Scottish fintech companies as Australian financial institutions look to evolve their businesses.

Company suitability

Scottish companies best positioned to win this type of business will fit with some of the following:

  • Fintech companies experienced in action initiation, which does not yet take place in Australian banking
  • Products which support Australian buyers in following and adapting to new and changing financial regulations
  • Companies selling B2B products and services.  These will be easier to sell in than B2C which is close to saturation and dominated by the big four banks

Register your interest

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