The Australian British Chamber of Commerce has arranged a delegation in London this week. The commission features ten Australian Financial Technology (Fintech) startups. The move illustrates ties aimed at expanding tech scenes between London and Australia. Potential distractions have been seen in both the World Cup against Columbia and Tennis at Wimbledon. However, the chamber celebrates its certified program creating a new abbreviation ABCC that stands for Australian British Fintech Cyber Catalyst.
The ABCC comprise of startups such as Trade Ledger, CYDARM Technologies, TRAction Fintech, Everproof, HyperIntel, Randtronics, Adviser Rating, Aleron, and InDebted. There is a cybersecurity savor, and regtech with the group is under the leadership of Angus Taylor, the Law Enforcement and Cyber Security Minister. Notable people include Cathie Armour – Australian Securities and Investments Commission commissioner, and former ANZ CEO and YBF Ventures chairman Mike Smith. Macquarie, Aberdeen Standard Investments, and Commonwealth Bank’s innovation lab will be hosting the team in London.
The ABCC is also backed by the NSW, Austcyber, Telstra and Victorian administrations. For several years, the United Kingdom (UK) administrations have been focusing on attracting global Fintech firms to London. Out of the leading fifty worldwide Fintech companies, seventeen are centered in London. Partnering with ABCC is the UK Department of International Trade with an aim to connect the British government officials with startups. These include Theresa May – UK Prime Minister, Alastair Lukies as well as several other watchdogs.
The Australian Fintech policy has been under the influence of the United Kingdom in the last one year. The two countries signed a Fintech Bridge that links their banking operations by breaking down regulatory barriers. Fintech Bridge is a mutually beneficial trade contract signed in March. Niall Blair, NSW Trade Minister, whispered $5 billion was transferred by the state to financial services and ICT. Niall further stated his wish for ABFCC to craft more opportunities to allow for export expansion.
Niall’s opinion is right. Nonetheless, various UK Fintech players have a decent head-start on colleagues down under. The UK administration is similarly considering to export its Fintech ability plus its open banking tech heaps. Meanwhile, London-centered specialists are receiving on the lead to give their services outside Britain territories. Britain’s success in exporting its standards to Australia is mutually beneficial allowing more qualified Fintechs into the market. While agreeing with and adapting the strategy for the local market, Australia needs to approve a measured and attentive approach. The Farrell appraisal into open banking was conscious of that.