Victoria’s fast-growing fintech sector has received a boost with the announcement that the industry peak body, Fintech Australia, will relocate its headquarters from Sydney to Melbourne.
The move will see Melbourne host the industry’s annual national awards – the ‘Finnies’ – celebrating the achievements of Australia’s best fintech businesses in areas such as payments, crowd-funding, lending, wealth management, blockchain and artificial intelligence.
Financial services represent the largest sector of the Victorian economy, employing more than 120,000 people and contributing $47 billion per annum.
Minister for Jobs, Innovation and Trade Martin Pakula said the Victorian government welcomes the move and will ensure that Victoria reaps the benefits of this important industry.
“Victoria is fostering the innovation that will grow new businesses and create local jobs in the fintech sector,” said Pakula.
Fintech Australia general manager Rebecca Schot-Guppy said Melbourne is a natural fit for FinTech Australia.
“Collaboration across the financial services industry is key for fintechs and we hope to better facilitate this with our move to Australia’s Tech City and the Victorian Innovation Hub,” she said.
Victoria is home to a fast-growing number of internationally successful fintech start-ups including Afterpay, Square, Airwallex, Assembly Payments and Pepperstone.
New technologies are rapidly changing the way the financial services industry operates and the government is working to ensure the state’s fintech sector continues to create new jobs and businesses.
With Melbourne already hosting the nation’s largest annual fintech conference, Intersekt, the city is a natural fit for Fintech Australia.
Fintech Australia will join Stone and Chalk at the Victorian Innovation Hub in Docklands, which also houses start up accelerators SproutX, Startmate, the Medtech Actuator and Victoria’s start-up agency, LaunchVic.