The Australian fintech industry has matured, reflected in the profile of the firms, the breadth of coverage, the level of global connection and increased levels of profitability.
Confidence in the industry is high, underpinned by some flagship success stories over the past 12 months. It has been a year in which the financial services industry has been in the spotlight with the Hayne Royal Commission, the debate around the Consumer Data Right legislation, the tempering of the R&D tax, challenges around skilled migration visas and a softening of access to capital.
A key theme in the industry as we head into 2020 is the degree of collaboration between fintechs and the incumbent major players. It is fair to say that, while still highly competitive, there is a much more mature, streamlined and respectful relationship emerging.
The Australian fintech industry has matured and continued to grow. There remains a high degree of optimism, however the industry is facing some different challenges than we have noted in prior years. Two fundamental foundations for continued success will include the level of effective collaboration with major players and the level of government support.