Australia Promotes Local Fintech Industry to Asia Through New Initiative

The Australian government, headed by Prime Minister Malcolm Turnbull, is providing a boost to the country’s Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sector. According to an announcement made in Shanghai, China, during a visit to Asia by the Treasurer of Australia, Honorable Scott Morrison, the government will be providing $150,000 in funds to the Stone & Chalk FinTech Asia program.

A non-profit initiative, Sydney based Stone & Chalk is a technology Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term created to focus exclusively on cultivating Australia’s fintech eco-system. Like other technology hubs around the world, Stone & Chalk includes programs for startups and partnerships with established financial players.

Backing the new FinTech Asia program, the initiative was created to help Australian fintech firms promote themselves and develop relationships in the Asia Pacific region. As part of the program, Stone & Chalk is targeting startups, corporate partners, venture capitalists and investors to participate and boost the initiative.

Commenting on the role of Australian fintech firms in the Asia Pacific region and discussing the $150,000 government contribution, Morrison stated: "FinTech will have an important role to play in Australia's innovation future, that's why the Turnbull Government is backing it in with real support in the world's fastest growing economic region. Consumers in Asia have been amongst the fastest to adopt innovative financial services and with investment quadrupling to nearly US $4 billion in 2015, FinTech is booming in the Asia-Pacific region. FinTech is a pivot point of our alignment with the transitioning economies and our regional trading partners, especially China.”