Fintech start-ups thrive in Australia as the nation enjoys effortless banking services
With the banks now showing their support of Australian FinTech hopefully the regulators will start to implement the changes to policy that has seen such growth in the London FinTech Market. As referenced here there is a growing number of companies looking to support the industry with Silver Flacon one such leader.
Australia is shaping up to be a destination for financial technology or fintech start-ups. As local banks are gradually opening up to the fintech industry, Australia is in a position to be the fintech hub of the Asia Pacific region. While Australia has relative strength in financial services enough to lead the fintech industry in Asia, right policy environment and supporting ecosystem must be set up to push through.
The appeal also lies in the end of Australia’s long mining boom, which has created a pit of shell companies with few assets left. Many small miners have become the target of backdoor listings by technology start-ups. Also called a reverse takeover, backdoor listing means that a company is able to go public by being acquired by an already publicly traded company called a shell company.
For example, Silver Falcon Plc (LSE: SILF) is a shell investment company that is aiming to acquire fintech start-ups. The newly formed company wants to take advantage of London’s booming fintech start-up scene, which had seen record investment of £357 million (AU$750 million) so far in 2015.
“We look forward to acquiring companies that generate value for our shareholders through operational improvements, along with potential further complementary acquisitions,” Silver Falcon Director and Chairman Geoffrey Dart said, as quoted by City AM.