Austrade, the Australian government trade commission for exporters and information for companies wanting to do business with Australia, is in China this week. A delegation of Aussie representatives are in Shenzhen and Shanghai sizing up Fintech opportunites..
Austrade says the emergence of China’s vibrant Fintech community is the result of rapid reform of its financial services sector, with innovation led by China’s tech giants such as Ant Financial, Baidu, Tencent, and JD.com, as well as encouragement at all levels of the ecosystem by the Chinese Government.
While visiting China, eight Australian Fintech companies will demonstrate their services to Chinese counterparts and pitch to potential business partners.
“Technology is rapidly changing how markets operate, and nowhere else is this more evident than in China,” said Susan Corbisiero, Austrade Senior Trade Commissioner, Shanghai. “This mission is a rare opportunity for Australian fintech providers to engage with leading Chinese fintech companies that have local and global reach. The best way to realize the opportunities China presents is for Australian fintech companies to visit the market and see for themselves how China has embraced technology and is driving innovation.”
Austrade explains that delegates will receive “on-the-ground assistance” from Austrade and advice on how to successfully operate in the Chinese market.
They Fintech firms will also have the chance to meet prospective customers, innovators and disruptors at networking events and through one-on-one business matching sessions.
The government agency reports that both the governments of Australia and China are committed to building a thriving Fintech ecosystem that can be mutually beneficial.
In many respects, China is the largest Fintech market in the world led by peer to peer lending and a fast evolving internet finance ecosystem. Companies like Alibaba have set the pace for global companies to emulate. Australia, on their side, has recognized the importance of the disruption occurring in financial services and intends on becoming a global player in the market.