Victorian Govt to build downtown fintech hub

The Victorian Government is challenging the likes of Sydney, Singapore and Hong Kong, announcing the establishment of a Melbourne-based fintech hub to nurture local start-ups and attract investment.

Set to be built in the Melbourne metro area of Docklands, the hub will create a congregation and collaboration point for investors, industry corporates, researchers, and budding fintechs, attracting investment to a fast-growing industry, according to a government release.

The hub will also provide “targeted mentoring services to help resident start-ups develop new business skills, connect with customers and bring new products and services to market,” the release said.

Philip Dalidakis, Minister for Small Business, Innovation and Trade, said the fintech hub will provide a magnet for investment in fintech and give the state “an opportunity to win a bigger share of this fast growing sector.”

“This fintech hub will turbocharge our start-up ecosystem and attract new investment that will strengthen our professional services industry and create jobs,” said Dalidakis.

Dalidakis also announced Melbourne as the host city for Intersekt – Australia’s first fintech festival.

The festival will run for one week, beginning on 27 October, co-hosted by FinTech Australia and FinTech Victoria in conjunction with local fintech businesses NextMoney and local technology incubator York Butter Factory.

Melbourne ranks 21st in the world for fintech development, according to Deloitte’s ‘Connecting Global FinTech: Interim Hub Review 2017’, 13 places behind rival Sydney in eighth place. Traditional financial services powerhouses Singapore, London and New York topped the Deloitte rankings.

Join senior executives from government and industry at the annual FST Government Victoria conference on 19 July, 2017