New funding brings the focus back to Australia’s fintech future.

Close to half a million dollars in funding for international innovation hotspots has been announced as part of the 2016-2017 Federal Budget.

The government has reaffirmed its commitment to an innovative ecosystem, with $2.4 million allocated towards landing pads in innovation hot sports in Singapore and Germany.

The innovation spots are poised to directly launch Australian fintech awareness and popularity in the Asian and European markets.

The provision of $200,000 for promotion of Australia’s fintech industry, will help enable the newly formed industry body to promote Australian fintech start-ups in the global market. A part of the allocated funds is set to be used to run events promoting Australian fintech within overseas markets and to potential investors.

A reduction in tax rates for businesses with an annual turnover of less than $10M affirms the government is serious about supporting the development of small businesses, which start-ups fintech firms aim to be classified.