UK fintechs land in Australia to scope out business opportunities

The UK’s Department for International Trade (DIT) has brought nine leading UK fintech companies to Australia under the UK-Australia FinTech Bridge Pilot Programme, to explore business opportunities and partnerships in the Australian market, the UK government announced on Monday. 

The FinTech Bridge cohort will showcase the strengths of the UK fintech sector at Intersekt in Melbourne, Australia’s leading fintech industry conference, before heading to Sydney for a program of meetings and events.

Launched in March 2018, the UK-Australia FinTech Bridge has been instrumental in forging strong links between these two fintech eco-systems.

This bilateral agreement aims to strengthen engagement on fintech policy and regulation; facilitate trade flows and access to capital opportunities; and address barriers to international growth.

According to the government, UK fintech businesses expanding into Australia, and Australian fintech businesses expanding into the UK, are eligible to benefit from 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,” said Michael Ward, British Consul General and UK Deputy Trade Commissioner, Asia Pacific - Australia and New Zealand.

Mr Ward explained that the UK-Australia FinTech Bridge pilot programme, which kicked off in April this year allowing selected UK fintechs support to accelerate their Australian expansion and vice-versa, has been a great success. 

"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," said Mr Ward.

Last month, DIT supported 10 Australian fintechs on a visit to the UK for a similar programme.