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Australia: fintech export opportunities
Market opportunity: Fintech
Key details
Opportunities:
- Regtech (Anti-Money Laundering, Know Your Customer)
- Consumer Data Right
Country: Australia
Sector: Fintech
Summary
Australia is home to the 14th 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.
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 operating in the highly regulated British financial services sector, as well as Scotland's position as a first mover in aiming for net zero emissions.
The UK-Australia FinTech Bridge supports trade relationships in this sector. It acknowledges that Scotland and Australia both take a model regulatory approach to fintech.
Scottish Development International is working in close partnership with Fintech Scotland and Fintech Australia to enable trade between fintech companies in both countries.
Scale of opportunity
- Australia has a $9.5 trillion AUD (£5 trillion) financial sector—almost five times the size of its GDP.
- 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.
- Australia ranks among the top 10 nations for fintech, with Sydney and Melbourne in the top 20 global fintech hubs.
Eligible companies
This opportunity is open to fintech companies experienced in action initiation, which does not yet take place in Australian banking.
The key for any Scottish company will be to ensure, through its products, that Australian buyers are able to follow and adapt to new and changing financial regulations.
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