The previously announced UK-Australia FinTech Bridge Pilot Programme has kicked off with the Department for International Trade (DIT) bringing 9 UK Fintech firms to Australia. The project is part of an ongoing effort to extend the UK’s prominence as a Fintech while building global partnerships.
The UK Fintech sector is worth approximately £7 billion to the UK economy and employs over 76,000 people – one of the largest in the world. There are more than 1600 Fintechs in the UK and that number is expected to double by 2030.
The Fintech Bridge cohort will showcase these firms at Intersekt in Melbourne, Australia’s leading Fintech industry conference, before moving on to Sydney.
The UK-Australia FinTech Bridge Pilot Programme was launched by UK Investment Minister Graham Stuart during UK Fintech Week in April this year. Last month, DIT supported 10 Australian fintechs on a visit to the UK for a similar program.
Michael Ward, British Consul General and UK Deputy Trade Commissioner, Asia Pacific – Australia and New Zealand, issued the following statement on the Fintech bridge:
“The UK has long been a world-leader in financial services; it remains one of our most important sectors. And, with our highly developed tech eco-system attracting unprecedented levels of capital investment – more than anywhere else in Europe – our innovative fintech sector is thriving. It is great to see such a strong cohort of UK fintechs visiting Australia – it says a lot about the opportunities in this market and the potential to further build our 2-way trade and investment links.
The UK-Australia FinTech Bridge has been a tremendous success to date with over 24 Australian fintechs setting up in the UK since its inception and more than 14 new UK fintechs doing business in Australia and I encourage companies in both countries to take advantage of the opportunities it offers.”