Australia invests massively in the FinTech space with new hubs in Sydney and Melbourne.
The Australian FinTech startup community will gain a significant boost with a newly proposed startup hub in Sydney, expected to open later this year.
The government of New South Wales has revealed details of a massive new Sydney facility that ‘should help build even stronger links between the Australian fintech industry and global markets’.
The Sydney Startup Hub will see Jobs for NSW, a private sector-led initiative backed by the government of New South Wales, invest AUD$35 million into a 11-floor facility that will lay claim ‘to be unmatched in the southern hemisphere in terms of size and density.’ The incubator, hub and facility is expected to create up to 6,500 jobs and is said ‘to contain enough floor space to spread over the size of two football fields.’
NSW Premier Gladys Berejiklian stated:
This is an unprecedented investment from the NSW Government which will support businesses and drive growth across the State.
News of the Sydney Startup Hub comes following the Victorian government’s announcement of a new FinTech hub that will be established in Melbourne. Further, the government will also back and partner Australia’s first ever fintech festival, Intersekt. Melbourne will be hosting the event, from late October to early November.
Danielle Szetho, CEO of industry advocacy group and association FinTech Australia stated:
Both of these announcements clearly prove there is united support for fintech across both Federal and State governments and from both sides of politics.
As reported by CCN earlier, Szetho has previously been critical of the Australian government’s delayed promise in putting an end to the double taxation of cryptocurrency transactions. While the Australian Treasury committed to putting an end to the double goods and services tax on bitcoin purchases in early 2016, the rule finally came into effect this month.
“From 1 July 2017, purchases of digital currency will no longer be subject to GST, allowing digital currencies to be treated just like money for GST purposes,” the Australian Treasury wrote in an announcement this year.
Szetho further underlined the significance of the upcoming Sydney Startup Hub, stating it to be “an important and regionally-significant centre of gravity for fintech and startup innovation” in Australia and Asia. Soon to be one of the largest fintech hubs in the world, Jobs for NSW claimed the Sydney hub will be “the focal point for the metropolitan, regional, national and international startup community.”
The Sydney Startup Hub is expected to open its doors later this year or in early 2018, coinciding with a similar timeframe for the Melbourne FinTech hub.
Featured image from Shutterstock.
Last modified: January 9, 2020 8:47 AM UTC