StartUpIsrael has announced that ten Australian start-ups in the fintech and cyber security space will join a Tel Aviv accelerator program.

Despite Australia’s prominence in the fintech industry and abundant options for start-ups to receive mentoring and help at specialist incubator firms, ten start-ups will now be mentored offshore in Israel’s capital. This follows on from Tel Aviv being appointed as an overseas location, selected by the Australian government, to help advance the innovation and entrepreneurship in the country.

Australia’s ambassador in Tel Aviv, Dave Sharma, said that Australia’s natural resources, while an obvious economic benefit to the country, have ingrained a sense of comfort, meaning that Australians are not use to focusing on expanding growth areas.

“We have been blessed with natural resources, and that is both a blessing and a curse, as we have had no need to focus on emerging areas for growth,” he said.

“Australia is seeking to become a more innovative and entrepreneurial economy.”

A government release earlier in the year noted that Australia is on track to become an innovative leader in the Asia-Pacific sector, with both local and international incubator programs helping to foster new innovative ideas.

‘Many traditional financial products are being disrupted by the fintech sector, which is well positioned to become a leading player in the Asia-Pacific.’

‘Fintech is at the cutting edge of innovation and will help to deliver more efficient financial markets…Australia is a leading financial services market in the region.’